The Canadian side will also send a future second-round Draft pick to the Jazz, with guard Diante Garrett heading the other way.
Novak wrote on Twitter: "I want to thank the Raptors for being a top class organisation. My teammates were awesome and the fans showed that Toronto is a basketball city.
"I loved my time there and wish everyone with the Raptors the best in the future."
Novak featured in 54 regular season games for the Raptors in the 2013-14 season.