Stauskas' agent, Mark Bartelstein, told ESPN's Zach Lowe that the 27-year-old has agreed to a one-year pact with the Bucks.
Stauskas spent last season in Spain with Kirolbet Baskonia. He averaged 8.2 points and 1.5 assists in 40 games before parting ways with the club in February.
After a successful two-year college career at Michigan, including being named 2013-14 Big Ten Player of the Year, Stauskas was selected No. 8 overall by the Sacramento Kings in the 2014 draft.
The 6'6" shooting guard bounced around the league for five seasons. He had stints with the Kings, Philadelphia 76ers, Brooklyn Nets, Portland Trail Blazers and Cleveland Cavaliers.
During the 2018-19 season, Stauskas split time between the Blazers and Cavs. The Canada native averaged 5.9 points, 1.9 rebounds and 1.2 assists in 68 games off the bench for both teams. He's a 35.3 percent shooter from three-point range in his career.
The Bucks are looking for backcourt depth after trading George Hill and Eric Bledsoe in the deal to acquire Jrue Holiday from the New Orleans Pelicans. Stauskas will likely be given a chance to compete for a roster spot during training camp.