CHICAGO – It’s official. The player known as “Hot Sauce” is an Atlanta Hawk.

The Bulls confirmed Monday that they had traded guard Kyle Korver to the Hawks in exchange for a trade exception and cash considerations. The deal first was reported Friday but did not become official until Korver passed his physical.

By trading Korver, the Bulls saved $500,000 on what would have been a contract buyout. Korver was set to earn $5 million this season, and the Bulls are pressed for salary-cap space because of big-money contracts for Derrick Rose, Carlos Boozer, Loul Deng and Joakim Noah heading into the 2012-13 season.