The Cleveland Cavaliers have finalised a trade with the Atlanta Hawks for Kyle Korver.

In a statement, the Cavaliers confirmed they have acquired Korver in exchange for a protected first-round pick, swingman Mike Dunleavy, guard Mo Williams and cash considerations.

Cleveland's 2019 first-round pick is the first one that could go to the Hawks as part of the deal.

"We are extremely pleased to be able to add a player and person of the calibre of Kyle Korver to our Cavs family," Cavaliers general manager David Griffin said in the statement.

"Among the most prolific and dynamic three-point shooters in NBA history, a selfless, and team first competitor, Kyle brings all of the elements of Cavs DNA that we covet on and off the floor.

"We look forward to welcoming Kyle, his wife, Juliet and their three children to north-east Ohio and are certain our fans will embrace them with open arms."

Korver has ended three seasons leading the league in three-point shooting percentage, doing so twice in Atlanta in the 2013-14 and 2014-15 campaigns.

He set an NBA record for three-point percentage in 2009-10 with the Utah Jazz, shooting at .536 per cent from beyond the arc.

Cleveland may not be done dealing, though, with LeBron James hinting more trades could be coming.

"We still got a couple more things we need to do," James said on Friday. "We gotta get a point guard. It's my last time saying it. We need a point guard."

The NBA's trade deadline is February 23.