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Gay's deal also reportedly contains a player option.
Gay, 34, comes to the Jazz after spending the last four seasons with the San Antonio Spurs. Gay averaged 11.9 points and 5.6 rebounds during his time with the Spurs.
Jazz still in search of NBA championship
The Jazz are hoping the Gay signing helps them move closer to an NBA championship. The team posted the best record in the NBA last season, going 52-20, but lost to the Los Angeles Clippers in the second round of the playoffs.
Getting through the Western Conference will be tough, but the Jazz have already made strides to ensure they can compete. The team reportedly brought back guard Mike Conley on a three-year, $68 million deal Monday.
The two moves will reunite Conley and Gay, who spent five and a half seasons together with the Memphis Grizzlies.
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