The team made the announcement Tuesday.
Gutierrez appeared in seven games for the Bucks earlier this season and averaged 3.6 points and 2.1 rebounds while playing 13.4 minutes per game. He made one start for Milwaukee on Feb. 2 at Toronto, and tied his career high for scoring with 13 points on Feb. 6 at Houston.
He signed his initial 10-day contact on Jan. 28 and a second 10-day contract on Feb. 7.
Gutierrez has also played 15 games for the Canton Charge of the NBA D-League this season. He averaged 13.5 points, 5.1 assists, 4.4 rebounds and 1.7 steals in 29.8 minutes per game.