Sanders is in the second season of a four-year, $44 million contract he signed in 2013.
Sanders was suspended last month for 10 games for violating the NBA's anti-drug program, and Bucks head coach Jason Kidd said his status would be evaluated during the All-Star break.
After his suspension, Sanders did not suit up for the Bucks' final three games before the All-Star break. Milwaukee's next game is Feb. 20 against the Denver Nuggets.
Sanders, 26, has not played since Dec. 23 and he sat out 11 games for personal reasons before the NBA suspended him.
He is averaging 7.3 points, 6.1 rebounds and 1.4 blocks in 27 games this season.
Milwaukee (30-23) is in sixth place in the Eastern Conference, two games behind the Cleveland Cavaliers.
- Scooby Axson