UPDATE (Jan. 7, 1 p.m. ET): Kyle Korver officially has been traded to the Cleveland Cavaliers.

The Cavs announced the deal Saturday afternoon. In return, the Atlanta Hawks receive forward Mike Dunleavy, guard Mo Williams, cash considerations and a protected 2019 first round draft pick.

ORIGINAL STORY: And so it begins.

The Atlanta Hawks, subjects of multiple juicy NBA rumors already, are finalizing a trade with the Cavaliers that would send sharpshooter Kyle Korver to Cleveland, sources told The Vertical’s Adrian Wojnarowski and Shams Charania on Thursday.

Wojnarowski later tweeted more details on the reported deal.

Korver is known for his 3-point shot, and he’s shooting 40.9 percent from beyond the arc this season. He’s a career 42.9 percent shooter from deep.

The Hawks (19-16) also reportedly have been taking calls on trade proposals for All-Star forward Paul Millsap, so this could be the first of many moves Atlanta makes before the Feb. 23 trade deadline.

Thumbnail photo via Brett Davis/USA TODAY Sports Images