The deadline to decide on his player option was June 29.
ESPN first reported the decision.
By playing four seasons with the Bucks the team had “Larry Bird rights” on Connaughton, which meant they could have exceeded the salary cap to re-sign him had he elected to become a free agent.
But, he is eligible for a multi-year contract extension now at any point this offseason which could boost his annual salary considerably.
Connaughton, 29, is coming off a career-year in which he averaged 9.9 points on 39.5% three-point shooting. He also started a career-high 15 games, though he did miss 13 games with a fracture in his right (shooting) hand.
He is slated to make about $5.7 million this season after signing a three-year, $16 million deal at the start of the 2020 season.
Connaughton, a 6-foot-5-inch wing, has become an indispensable part of head coach Mike Budenholzer’s rotations after signing with the Bucks in 2018. Originally selected No. 41 overall out of Notre Dame by Brooklyn in 2015, he was part of a draft-day trade that sent him to Portland. He spent three seasons with the Trail Blazers before coming to Milwaukee.
In four years with the Bucks, Connaughton has played in 262 games has averaged 7.2 points per game 36.5% three-point shooting along with 4.4 rebounds and 1.5 assists per game.
During the 2021 NBA Finals against Phoenix, Connaughton averaged 9.2 points and 5.8 rebounds per game in helping the Bucks win the NBA championship.