John Hammond said the Bucks plan on beginning contract discussions with Brandon Jennings on July 1.
"Once that date comes around, we'll start discussions," Hammond said. "Until then, we're not allowed to, and that's the reason we haven't.
"I think we all understand the importance of Brandon, who he is to our organization and what he has done for us."
Jennings has shown gradual improvement during each of his three NBA seasons and averaged career-highs in points (19.1), shooting percentage (41.8) and steals (1.6) last season.