WEDNESDAY, 1:08pm: The swap has officially been completed, the Bucks announced today (via Twitter). The Pistons also confirmed the move in a press release.
TUESDAY, 4:39pm: TNT's David Aldridge confirms (via Twitter) that the two sides have reached an agreement. According to Stein (via Twitter), the four players reported so far are expected to be the only pieces involved, so it sounds as if there may not be any picks or cash changing hands.
With the Pistons set to acquire one player in exchange for three, the deal should open up room on the roster to sign second-round pick Peyton Siva, though it's not clear yet if he's in the team's plans for 2013/14.
4:35pm: Viacheslav Kravtsov and Khris Middleton are also headed to the Bucks in the deal, tweets Wojnarowski. Using those two salaries, along with Knight's, the Pistons would be able to offer Jennings a starting salary of $7.72MM, which sounds about right, based on the reported terms. So there may not be any more players involved in the swap.
4:31pm: Knight will be part of the package that the Pistons send to Milwaukee, Wojnarowski confirms (via Twitter).
4:14pm: The Pistons have emerged as a serious candidate to acquire Brandon Jennings from the Bucks in a sign-and-trade, reports ESPN.com's Marc Stein (via Twitter). According to Stein, the two sides are in "advanced talks" about a potential deal. Adrian Wojnarowski of Yahoo! Sports confirms Stein's report, tweeting that the Pistons and Bucks are nearing an agreement.
According to Stein (via Twitter), if and when the two teams finalize a sign-and-trade, Jennings' contract with the Pistons will be in the three-year, $25MM+ range, similar to what his former backcourt partner Monta Ellis received from the Mavericks. Wojnarowski (via Twitter) pegs the value of the deal at three years and $24MM.
There had been rumblings earlier in the month that the Pistons had an eye on Jennings, but GM Joe Dumars adamantly denied that he'd had any trade talks with the Bucks. Either that changed in the last two weeks or Dumars was trying to throw rival suitors off the scent. Regardless, it's easy to see why Milwaukee and Detroit would be a match.
At least one report has suggested Jennings wasn't interested in remaining in Milwaukee, and there have been indications that he was considering accepting his one-year qualifying offer in order to hit unrestricted free agency next summer. A sign-and-trade would be a win-win for Jennings and the Bucks, allowing the young point guard to secure a long-term pact with another club, and allowing Milwaukee to pick up at least an asset or two in return.
It's not clear yet who the Pistons would be parting with in the deal, but Brandon Knight seems like a logical candidate. If Knight were to be included, Detroit would have to add more salary to make the deal work, making Charlie Villanueva or Rodney Stuckey potential fits as well.