The 23-year-old point guard spent four years with the Jayhawks and was named Big 12 Player of the Year as a senior. He averaged 17.3 points and 7.2 assists in leading Kansas to the conference title.
The Hornets need to find depth at point guard with back-up Michael Carter-Williams headed for free agency.
Atlanta will receive a pair of future second-rounders in return. They are due in 2019 and 2023, tweets Rick Bonnell of The Charlotte Observer.