SI.com's Chris Mannix confirmed from sources close to the negotiations that the Bucks will receive guard Brandon Knight, forward Khris Middleton and center Slava Kravtsov from the Pistons. Jennings, a restricted free agent, will sign a three-year, $24 million contract as part of the deal.
Jennings, 23, was one of the few big names remaining on the free-agent market. He becomes the latest high-profile addition for the Pistons, who signed forward Josh Smith to a four-year, $54 million contract and brought back guard Chauncey Billups on a two-year, $5 million deal. Detroit also drafted shooting guard Kentavious Caldwell-Pope in the first round to join a young core featuring big men Andre Drummond and Greg Monroe.
Jennings, the 10th pick in the 2009 draft, spent his first four seasons in Milwaukee, where he averaged 17 points, 3.1 rebounds and 6.5 assists. He shot only 39.4 percent from the field in those four years, including 39.9 percent last season, when the offensive-minded backcourt of Jennings and Monta Ellis led the Bucks to a 38-44 record and a first-round playoff loss to the Heat.
Knight, 21, the eighth pick in the 2011 draft, was a full-time starter in both of his seasons with Detroit. He averaged 13.3 points, 3.3 rebounds and four assists last season for the Pistons, who finished 29-53 to miss the playoffs for the fourth year in a row. Knight shot 40.7 percent from the field and 36.7 percent from three-point range last season.
Middleton, 21, averaged 6.1 points in 27 games for the Pistons last season. He was the 39th pick in the 2012 draft. Kravtsov, 25, a 7-footer from Ukraine, averaged 3.1 points in 25 games in 2012-13.
Milwaukee general manager John Hammond said before the start of the free-agent negotiating period that the Bucks planned to re-sign Jennings.
"Our intentions would be to negotiate with Brandon and hopefully we can come to an agreement before he goes out into the market or needs to go out into the market," Hammond said last month. "If it does happen and he goes on the market and signs an offer sheet, our intentions will be to match that."
Jennings never signed an offer sheet with another team. Meanwhile, the Bucks signed Hawks restricted free-agent point guard Jeff Teague to a four-year, $32 million sheet. Atlanta matched the offer to retain Teague. With the departure of Jennings and Ellis (who signed with Dallas), the Bucks' revamped backcourt features Knight and Luke Ridnour at point guard and O.J. Mayo and Gary Neal at shooting guard. All four were acquired this offseason.