The Bucks have formally extended a qualifying offer to Brandon Jennings, GM John Hammond confirmed today (Twitter link via Charles F. Gardner of the Milwaukee Journal Sentinel). Because Jennings met the starter criteria this past season, his QO will be worth $4,531,459, a slight bump up from what it would have been otherwise.
There have been a few rumblings lately suggesting the Bucks wouldn't mind signing-and-trading Jennings, or keeping Monta Ellis over him. However, Hammond indicated today that the team intends for Jennings to remain a Buck, according to Gardner (via Twitter). Hammond went on to say that the club hopes to negotiate with its young guard, and if a deal can't be reached with Jennings directly, the plan would be to match a rival offer sheet (Twitter links via Gardner).
It's unclear at this point whether Jennings prefers to stay in Milwaukee long-term or play elsewhere. While the Bucks have the majority of the control over his current situation, Jennings could accept his one-year qualifying offer, which would make him an unrestricted free agent next summer. Jennings suggested back in March that he'd consider that possibility.