DiVincenzo, who is expected to garner significant interest on the open market, can begin negotiating with teams beginning at 6 p.m. ET Thursday. However, he cannot officially sign with a team until 12:01 p.m. ET on July 6.
A former first-round pick in the 2018 NBA draft, DiVincenzo has flashed potential as a starting-caliber 3-and-D wing but has battled injuries through the first four seasons of his career.
DiVincenzo missed the majority to play during Milwaukee's championship run last postseason after injuring an ankle in the first round. Offseason surgery sidelined him for the start of last season, and he struggled in his return, eventually getting dealt to the Sacramento Kings at the trade deadline.
DiVincenzo started to round into form in Sacramento, hitting nearly 37% of his 3-pointers while adding 4.4 rebounds and 3.6 assists in 25 games to close out the season.
The Kings are exercising the option on power forward/center Chimezie Metu for the 2022-23 season, sources told Wojnarowski.
Metu averaged 8.9 points and 5.6 rebounds in 21 minutes a game for the Kings last season.