In return for the guard, the Bucks will receive guard Brandon Knight, forward Khris Middleton and center Viacheslav Kravtsov, according to sources.
Jennings was originally going to return to the Bucks for a one-year qualifying deal. The offer would have made him an unrestricted free agent, but the Pistons showed major interest in having the trade completed.
Detroit has picked up a lot of talented players this offseason. The team acquired former Atlanta Hawks player Josh Smith, former Piston Chauncey Billups and Luigi Datome.
The Bucks on the other hand, signed their first-round draft pick Giannis Antetokounmpo and free-agent guard Gary Neal on Tuesday.