ESPN and the Milwaukee Journal-Sentinel reported Korver chose the Bucks and his former head coach, Mike Budenholzer, over the Philadelphia 76ers. Korver played three-plus seasons under Budenholzer in Atlanta and was an All-Star with the Hawks in 2015.
Milwaukee has not officially announced the transaction.
Korver averaged 9.1 points in 54 games off the bench with the Utah Jazz last year. The Jazz acquired him from Cleveland in November.
Phoenix promptly waived the veteran sharpshooter. Korver turned 38 in March and entered the league with the 76ers in 2003.
Korver has averaged 9.8 points and three rebounds in 1,174 career games. He's led the league in three-point shooting four times and has played in two NBA Finals.