Jennings' $2.2 million salary for the 2018-19 season would have become fully guaranteed if he were still on the Bucks' roster past Wednesday's deadline.
Jennings, who was drafted 10th overall by the Bucks in 2009, returned to Milwaukee on a multiyear deal on April 1 after inking a pair of 10-day contracts in March.
Over the course of 14 games, the 28-year-old averaged 5.2 points and 3.1 assists on 37.5 percent shooting from the field, including 27.3 percent from three.
However, he appeared in a just one of Milwaukee's seven first-round playoff games against the Boston Celtics.
Given Jennings' struggles in a brief window last season, it stands to reason that guaranteed money won't be funneled his way once he clears waivers.
Instead, he's more likely to receive a training camp invite or an offer to lace up his kicks overseas after showing out for the Shanxi Brave Dragons in the Chinese Basketball Association a year ago.