The National Basketball Association has opened an investigation into the reported  agreement between Milwaukee and Sacramento to send Bogdan Bogdanovic to the Bucks in a sign-and-trade deal, The New York Times' Marc Stein reports

The Bucks and Kings had arranged a sign-and-trade deal. According to Stein, the report included names of several players in the proposed trade and thus suggested a contract was made for Bogdanovic four days before NBA free agency begins. 

The deal that was originally reported would have sent Bogdanovic to the Bucks in return for Donte DiVincenzo, Ersan Ilyasova, D.J. Wilson and Justin James.

ESPN's Adrian Wojnarowski reported Wednesday that Bogdanovic would enter restricted NBA free agency. According to Wojnarowski, the Kings and the Bucks had hoped to reach an agreement with Bogdanovic by Friday. However, Bogdanovic has reportedly decided to move into the marketplace to find an offer sheet or seek out other sign-and-trade scenarios.

Ilyasova was waived on Thursday by Milwaukee, further indicating that the trade is off and Bogdanovic may be headed elsewhere.

NBA free agency is scheduled to start at 6 p.m. ET on Friday.