JULY 16: The Hawks have announced via a team press release that they have officially acquired Kyle Korver from the Bulls in exchange for cash. As noted on Twitter by ESPN.com's John Hollinger, the Bulls receive a $5MM trade exception in the deal, and the Timberwolves are no longer involved.
JULY 13: The trade will also include the Timberwolves, according to Johnson (via Twitter). Korver will be absorbed into the Hawks' $5MM trade exception, and the Bulls will receive a second-round pick from Minnesota, says Johnson. It sounds as if one more detail is required here.
2:18pm: The Bulls have agreed to trade Kyle Korver to the Hawks, reports K.C. Johnson of the Chicago Tribune (via Twitter). The deal is pending a physical, and could become a sign-and-trade involving Kirk Hinrich, according to Johnson.
With Korver's $5MM contract only partially guaranteed if the Bulls released him by a certain date, we heard earlier this week that Chicago was exploring the trade market to avoid having to eat any of Korver's 2012/13 salary. The Timberwolves were also mentioned as a potential suitor, but those talks seemed to fall through, leaving Atlanta as a logical fit.
Not only were the Bulls expecting to sign Hinrich, a Hawks' free agent, which means a sign-and-trade deal could work, but Atlanta also recently acquired a trade exception worth $5MM — exactly the amount of Korver's deal. There are a number of ways the two sides could complete the trade, but either way, the move works out well for Chicago. They'll clear Korver from their books, and could also save their mini mid-level exception for another player if Hinrich is part of the deal. I imagine the Hawks would acquire a future draft pick along with Korver if they agree to a sign-and-trade, though we don't know the exact details yet.