Korkmaz, 21, is a rotational forward with the ability to spread the floor with his shooting.
The deal includes a guarantee on the first year, league sources said.
The Sixers had declined his option for the 2019-20 season to create salary-cap space, but brought him back as an unrestricted free agent. Korkmaz was the 26th overall pick in the 2016 NBA draft out of Turkey, where he enjoyed impressive professional and national team careers prior to the NBA.
Korkmaz has played two seasons with the Sixers. He averaged nearly six points in 14 minutes per game last season.