Phoenix also parted with a 2020 second-round pick and a conditional 2021 second-round selection in Sunday’s deal.
The move marks an abrupt end to Jackson’s tenure in the desert.
The No. 4 overall pick of 2017 NBA draft, Jackson was expected to lead the Suns back to the playoffs. He never quite lived up to the hype, averaging 12.3 points in two seasons. He also was detained this summer when police say he refused to leave a music festival VIP area he had entered without a pass.
Carter played 39 games with the Grizzlies as a rookie last season.
Korver’s contact is expected to be bought out by Phoenix.