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Earlier Friday night, sources told ESPN.com's Marc Stein that the Bulls had reached agreement on a three-year deal with Korver, the Jazz's free-agent shooting guard.
Later in the evening, sources told ESPN The Magazine's Ric Bucher that Chicago signed restricted free agent Redick to a three-year, $20 million offer sheet. The Magic have seven days to match the contract.
The Bulls had already made a splash in free agency by signing Korver's teammate, power forward Carlos Boozer.
The 11th overall pick in the 2006 draft, Redick had his best season for the Magic last year, averaging 9.6 points per game. The Duke product was the 2005-06 college player of the year.
The Bulls had positioned themselves $30 million under the salary cap this offseason with the intention of signing two premier free agents to max contracts. While Dwyane Wade and LeBron James were rumored to be interested at different times, Boozer was the only big name to land in Chicago.