Kyle Korver shoots during a Jan. 14 game in Salt Lake City. The Milwaukee Bucks signed Korver, 38, to a contract on Thursday, July 25, 2019. (Rick Bowmer/AP Photo)

MILWAUKEE (AP) — The Milwaukee Bucks have added veteran guard Kyle Korver.

The team announced the signing Thursday. The 38-year-old guard was waived July 7 by Phoenix — which acquired him in a trade with Memphis — making him a free agent.

Korver had been traded to Memphis by Utah, where he played most of last season.

“Kyle is an elite 3-point shooter who will play an impactful role for our team,” Bucks general manager Jon Horst said. “In addition to bringing tremendous experience, Kyle is familiar with coach Bud’s (head coach Mike Budenholzer) system having played under him for three-plus seasons in Atlanta. Kyle is a highly respected player and person both on and off the court and we are thrilled to welcome him and his family to the Bucks.”

Korver appeared in a combined 70 games with the Cavaliers and Jazz last season, averaging 8.6 points, 2.3 rebounds and 1.2 assists and shooting 39.7 percent from 3-point range. The 2015 All-Star ranks third among all active NBA players in 3-point field goal percentage (42.9) and ninth in NBA history.

Korver has averaged 9.9 points, 3.0 rebounds and 1.7 assists in 16 seasons. He was an All-Star in 2015 with the Hawks, and is fourth in NBA history with 2,351 3-pointers.