Jennings was waived by the Bucks on Wednesday, Shams Charania of Yahoo Sports reports.
The Bucks waited until the final day to make a decision on Jennings' contract, which included an Aug. 1 guarantee date. Milwaukee will let the former first-round pick walk as a free agent after he spent the latter part of last season back where his NBA career began in 2009. Jennings appeared in only 14 games for the Bucks, logging 14.6 minutes per contest and averaging 5.2 points and 3.1 assists per game. While the Bucks don't have room for Jennings on their roster, the 28-year-old will look elsewhere to fill a backup role on what would likely be a minimum or partially guaranteed contract.