The small forward is now set to become a restricted free agent next summer.
Parker is recovering from a torn ACL that will cause him to miss the start of this season. His plan is to return by February, per Stephen Watson of WISN 12 News.
This was Parker's second ACL tear in his left knee since the Bucks selected him second overall in the 2014 draft. He has been limited to just 152 games out of a possible 246 in his three-year NBA career.
Prior to his season-ending knee injury, the 22-year-old set new career highs with 20.1 points and 6.2 rebounds per game last season. After making just 13 three-pointers in his first two seasons, he expanded his range in 2016-17 while finishing 65-of-178 (36.5 percent) from beyond the arc.
Parker was eligible to sign a five-year max contract extension worth anywhere between $146 million to $175 million, according to Bucks beat writer Gery Woelfel. On the other hand, his name was brought up in trade talks for Carmelo Anthony, per Ian Begley of ESPN.com.
No one can blame the Bucks for waiting to see how Parker fares upon his return before committing to him with a long-term contract extension. They'll now have the chance to match any offer he receives on the open market next offseason.