Ashley Landis/Associated Press
Adrian Wojnarowski of ESPN first reported the move, with the Sacramento Kings expected to send the restricted free agent to Milwaukee as part of a sign-and-trade. The Kings would receive Donte DiVincenzo, Ersan Ilyasova and D.J. Wilson in exchange for the forward.
Bogdanovic reportedly never agreed to the deal, however.
As a restricted free agent, the 28-year-old has the right to sign an offer sheet with any team before the Kings have a chance to match the deal.
The reported trade was part of a busy Monday for the Bucks, who also acquired guard Jrue Holiday in a deal that sent Eric Bledsoe, George Hill and three draft picks to the New Orleans Pelicans, per Wojnarowski and Andrew Lopez of ESPN.
Bogdanovic would be a valuable addition to Milwaukee, providing the team with more perimeter scoring alongside Khris Middleton and Holiday.
The Serbian averaged 15.1 points and 3.4 assists per game last season, shooting 37.2 percent from three-point range.
His presence could help put Milwaukee over the top after it failed to reach the NBA Finals in each of the last two years despite producing the best regular-season record both seasons.
Failing to complete this trade would instead be another setback, which could hurt the Bucks even more if reigning MVP Giannis Antetokounmpo leaves in free agency next offseason.