The Bucks reportedly attempted to reach a sign-and-trade agreement with the Kings for Bogdanovic.
The Bucks will move on from pursuing restricted free agent Bogdan Bogdanovic following a failed sign-and-trade agreement with the Kings, reports The Athletic's Shams Charania.
The NBA reportedly is investigating if the failed deal occurred before league rules allow.
The New York Times' Marc Stein previously reported that the Bucks and Kings reached an agreement in principle on Tuesday on a sign-and-trade deal. The deal reportedly would have sent Bogdanovic and Justin James to Milwaukee in return for Donte DiVincenzo, Ersan Ilyasova and D.J. Wilson. If the agreement happened on Tuesday, it would have come three days before free-agent negotiations are allowed.
ESPN's Adrian Wojnarowski reported on 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, he 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 was off and Bogdanovic could be headed elsewhere.
The Kings reportedly made Bogdanovic a $10.7 million qualifying offer, and the team has the right to match any offer sheet he signs with another club.
NBA free agency will open at 6 p.m. ET on Friday.