Sources told ESPN.com last week that Korver agreed to a four-year, $24 million deal.
Korver averaged 10.9 points and made 45.7 percent of his 3-point shots last season to rank second in the NBA. He has made a 3-pointer in 73 consecutive regular-season games, the league's longest active streak.
General manager Danny Ferry says Korver is an "important presence" for the team and says "we're thrilled to retain him."
Korver and center Al Horford may be the team's only returning starters. The Hawks must decide by Saturday night if they will match the Bucks' four-year, $32 million offer to point guard Jeff Teague, a restricted free agent.
Information from ESPN.com's Marc Stein and The Associated Press was used in this report.