Along with Novak and the two years and $7.2 million left on his contract, the Raptors will send a future second-round draft pick to Utah, sources said. The deal can't be completed until the league's moratorium ends on Thursday.
The Jazz will send the Raptors guard Diante Garrett, who, with a $915,000 non-guaranteed deal for this season, will be waived, sources said.
Novak, 31, gives the Jazz a three-point-shooting specialist whose career had taken a step back in limited minutes with the Raptors last season. Novak had played 20.3 minutes per game for the New York Knicks in 2012-13, but a trade to Toronto severely cut into his playing time and production last season.
In eight NBA seasons with six teams, Novak has averaged five points per game. He was a second-round pick in 2006 out of Marquette, where he played for coach Tom Crean.