Scott was the 43rd overall pick in 2012 draft by the Hawks and his role has varied throughout his career.
He has career averages of 7.1 points and three rebounds while shooting 46 percent in 281 regular season games for the Hawks. This season, he was limited to 18 games and averaged 2.5 points and 2.1 rebounds while also spending some time in the D-League.
"On behalf of the Atlanta Hawks, I want to thank Mike for his contributions over the last five years," Hawks President of Basketball Operations and Head Coach Mike Budenholzer said in a statement released by the team. "He will be missed by his teammates, coaches and the entire Hawks organization. We wish him the best in the future."
This was the second trade for both teams ahead of the trade deadline.
Phoenix sent P.J. Tucker to the Toronto Raptors for Jared Sullinger and two second-round picks while Atlanta obtained Ersan Ilyasova from and a second-round pick from the Philadelphia 76ers on Wednesday.
Scott will be a free agent after this season.
Akyol was selected by the Hawks with 59th overall pick of the 2005 NBA Draft. Although he has yet to appear in an NBA game, Akyol's draft rights have been traded five times.
The 6-6 guard from Turkey currently plays for Acibadem Universitesi Istanbul of the Turkish Basketball First League and has appeared in 12 games this season, averaging 6.3 points and 3.0 rebounds in 20.7 minutes.