Korver also seriously considered the Philadelphia 76ers, but his relationship and history with Milwaukee head coach Mike Budenholzer were significant factors in his decision, Wojnarowski reports, citing league sources.
The 38-year-old Korver played some of his best basketball under Budenholzer during their tenure with the Atlanta Hawks. Korver made his lone All-Star appearance in 2015 and posted his second- and third-best career scoring average and 3-point percentage in Budenholzer's system.
Korver will add to the arsenal of outside shooters on a Bucks team that ranked second in the Association in triples made and attempted per game during the 2018-19 season.
Milwaukee incurs a $1.6-million cap hit on the contract, according to ESPN's Bobby Marks.
Korver was waived by the Phoenix Suns in early July and also reportedly considered signing with the Los Angeles Lakers.
He averaged 8.6 points on 41.6 percent shooting - including a 39.7 percent mark from distance - across 70 appearances this past season. The sharpshooter owns a career 42.9 percent clip from downtown and ranks fourth all time with 2,351 triples made.