The person, who spoke Tuesday on condition of anonymity because the trade hasn't been announced, says Jennings has agreed to a $24 million, three-year contract with the Pistons. The person says Detroit will also give up seldom-used center Viacheslav Kravtsov and forward Khris Middleton in the trade.
Detroit has been active this offseason — signing free agents Josh Smith, Chauncey Billups and Luigi Datome — as it desperately tries to end its four-year postseason drought.
The Pistons signed Billups to mentor Knight, but have chosen to replace him with Jennings.
Knight presumably will be the starting point guard for Milwaukee, a team in rebuilding mode after being eliminated in the first round of the Eastern Conference playoffs as the No. 8 seed in 2012-13.
The 6-foot-3 Knight averaged 13.3 points and 4.0 assists in 75 games (all starts) last season while shooting 40.7 percent from the field. As a rookie he averaged 12.8 points and 3.8 assists while starting 60 of 66 games in the lockout-shortened season.
Knight played one season at Kentucky, leading the Wildcats to the Final Four in 2011. He averaged 17.3 points and 4.2 assists en route to being named to the Southeastern Conference's second team, a Freshman All-American and the league Freshman of the Year.