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Korver -- plus Grayson Allen, Jae Crowder, the 23rd pick in Thursday's Draft and a future first-round pick -- has been traded to the Grizzlies in exchange for Mike Conley, Adrian Wojnarowski of ESPN reports.
Korver spent last season between Cleveland and Utah, appearing in 70 games and averaging 8.6 points, 2.3 rebounds and 1.2 assists across 19.1 minutes while shooting 39.7 percent from beyond the arc. Considering he'll be entering his age 38 season next year, it's possible Memphis will look to deal Korver to a contender to make room for minutes for younger players.
