Per Sam Amick of The Athletic and Shams Charania of The Athletic and Stadium, the Bucks "are moving on" from the 28-year-old in the wake of their failed sign-and-trade agreement with the Sacramento Kings.
ESPN's Adrian Wojnarowski and Andrew Lopez reported Tuesday that the Bucks were going to acquire Bogdanovic in a sign-and-trade with the Kings.
On Wednesday, Amick reported the deal was "in peril" because Bogdanovic never agreed to join the Bucks.
Per Marc Stein of the New York Times, the NBA is conducting an investigation into the deal because the report "included names of several players in the proposed trade and thus suggested a contract was set with Bogdanovic—nearly four days before the start of free agency."
The Bucks are trying to upgrade their roster before the start of the 2020-21 season. Wojnarowski and Lopez also reported Tuesday that Milwaukee had reached an agreement with the New Orleans Pelicans to acquire Jrue Holiday in exchange for Eric Bledsoe, George Hill, three first-round picks and two first-round pick swaps.
Bogdanovic is a restricted free agent, giving Sacramento the right to match any offer he receives. The shooting guard averaged a career-high 15.1 points and shot 37.2 percent from three-point range for the Kings in 2019-20.