The agent, Jason Glushon, told ESPN’s Adrian Wojnarowski to ESPN.
According to Glushon, the deal includes an option for players.
Holiday joined the Bucks in a four-team trade in November, providing a shot and defense to a Milwaukee team built around reigning MVP Giannis Antetokounmpo. In his first season with the Bucks, Holiday averaged 17.0 points and 5.4 assists per game.
The deal comes after Holiday scored a season-high 33 points with 11 assists and seven rebounds during the 129-128 victory over Sacramento Kings.
Holiday, 30, spent seven seasons with the New Orleans Pelicans, who acquired him in a 2013 Philadelphia 76ers draft night deal after his lone All-Star season. He averaged 15.9 points and 6.3 assists per game in his career.