As part of the trade, the Hawks reportedly sent a 2027 second-round pick via Cleveland and cash to the Timberwolves.
ExploreHawks lose two veteran rotation pieces in free agency
Alexander-Walker averaged 9.4 points, 3.2 rebounds and 2.7 assists, all while shooting 38.1% from deep.
Now, the Hawks have a player on the wing who can take some of the defensive pressure off of Dyson Daniels.
In using a sign-and-trade to potentially bring Alexander-Walker to Atlanta, the Hawks did not need to use the non-taxpayer midlevel exception. The Hawks could absorb Alexander-Walker into the $25.3 million traded player exception created from the Dejounte Murray deal.
Plus, the Hawks still have room to acquire another player using the TPE.
According to multiple salary cap analysts, the Hawks sit just over $18 million under the luxury tax.
The Hawks reportedly lost Caris LeVert and Clint Capela in the open hours of free agency.