Gutierrez played for Bucks head coach Jason Kidd last season as a member of the Brooklyn Nets. Last season in Brooklyn, the Cal product averaged 4.1 points and 2.0 assists in 15 appearances.
The 26-year-old guard played in 10 games for the Nets this season before he was acquired in a trade by the Philadelphia 76ers and was immediately released by the team. He signed with the Canton Charge of the D-League, where he averaged 15.2 points and 6.0 assists per game.
The Bucks are allowed to sign Gutierrez after center Larry Sanders sat out the fifth game of his 10-game suspension for violating the league's drug policy.
At 23-22 on the year, the Bucks are the No. 6 seed in the Eastern Conference. They play at the Orlando Magic on Thursday.
- Jack Jorgensen