Jones started the season with the New Orleans Pelicans, where he averaged 11.5 points and 5.9 rebounds in 51 games. He was waived shortly after the team traded for fellow former Wildcat DeMarcus Cousins.
The 25-year old Jones, who will wear No. 6 for the Bucks, has averaged 10.6 points and 5.8 rebounds in five NBA seasons. The other four were spent with the Houston Rockets.
In a related move, Axel Toupane was released from his 10-day contract.