Kevin O'Connor of The Ringer reported the news Wednesday but noted a deal is "unlikely" despite the initial discussions.
Oladipo was one of the NBA's best players during the 2017-18 season. He received MVP voting points after averaging 23.1 points, 5.2 rebounds, 4.3 assists and 2.4 steals across 75 games during his first season with the Pacers. He also shot 47.7 percent from the field, including 37.1 percent on threes.
The Maryland native dealt with an injury-riddled 2018-19 campaign, however, including a ruptured quadriceps tendon that ultimately led him to miss more than a year of action.
He returned in January, but his numbers lagged well behind his previous standard. He averaged 14.5 points, 3.9 rebounds and 2.9 assists while shooting 39.4 percent from the field in 19 appearances.
Last month, he explained on The Fat Joe Show (via Chris Sims of the Indianapolis Star) he wasn't all the way back to full strength during the 2019-20 campaign, which was delayed and shortened by the coronavirus pandemic.
"I believe you have to catch your body up to your mind," Oladipo said. "Your mind wants to do it, but sometimes your body withholds it, right? So in order to do that, I feel like you have to have an inner peace, be able to understand your body better than your mind does."
The dip in production after a major injury will lead to caution from interested teams like the Bucks, especially since the 28-year-old Indiana University product is set to earn $21 million during the final season of his four-year, $85 million contract.
Milwaukee could definitely use a wing scorer to take some offensive pressure off two-time MVP Giannis Antetokounmpo, but it may be better for both sides to revisit discussions closer to the trade deadline if Oladipo can showcase a return to form early in the 2020-21 campaign.