Korver to return to Cavs on three-year deal

Kyle Korver has agreed to a new contract with the Cavaliers, sources say.

Sharpshooter Kyle Korver and the Cleveland Cavaliers have reached agreement on a three-year contract worth $22 million, Amico Hoops sources confirmed Sunday.

Korver is the Cavs’ second free-agent signing in less than 24 hours — and follows the team’s signing of point guard Jose Calderon to a one-year deal.

Korver is 36 years old, Calderon 35.

No matter, the Cavs were pleased with Korver’s strong perimeter shooting since coming over in a mid-season trade with the Atlanta Hawks.

Korver averaged 10.1 points on 46 percent shooting in 67 combined games with the Cavs and Hawks. His scoring averaged dipped to 5.8 points in the playoffs.

The third year of Korver’s contract is only partially guaranteed, according to reports.

Per ESPN:

The Cavs currently have more than $130 million in committed salaries for next season, which would result in more than $40 million in luxury taxes as the Cavs are into the so-called “repeater tax” penalty program after being a taxpayer for the previous three seasons. To help ease the tax burden, the Cavs have been in trade talks involvingĀ Iman Shumpert, sources said, but have been unable to finalize a deal.

In addition to Shumpert, the Cavs have recently explored trades centered on reserve forwards Channing Frye and Richard Jefferson.

The Vertical first reported the news of Korver’s signing.