The Bulls have traded three-point specialist Kyle Korver to the Atlanta Hawks via the Minnesota Timberwolves, an NBA source has confirmed.

The Bulls will receive a second-round draft pick for Korver. The Bulls had until Sunday to pick up the $5 million team option on Korver. The deal, which is contingent on Korver passing his physical in Atlanta on Saturday, means the Bulls don't have to pay the $500,000 it would have cost to waive the former Creighton star.

Korver appeared in 65 games last season and averaged 8.1 points. He was slowed by hip and knee injuries late in the season and reaggravated an old stress fracture in his foot in the second-to-last regular season game against the Pacers, which contributed to a averaging only 3.8 points in 15.7 minutes in six playoff games.

Korver played only five minutes and did not attempt a shot in a Game 6 loss to the 76ers in a first-round playoff series that ended the Bulls season.