Once a date is finalized, the meeting is expected to occur in Los Angeles, sources said.
The two sides have already met once during free agency to discuss pairing Rose, the 2011 NBA MVP, with the Bucks' nucleus of rising star Giannis Antetokounmpo, sharpshooter Khris Middleton and Rookie of the Year recipient Malcolm Brogdon.
While playing in the triangle offense in his lone season with the New York Knicks, Rose averaged 18.0 points, 3.8 rebounds, 4.4 assists and shot a respectable 47 percent from the field.
The main obstacle on an agreement to relocate to Milwaukee has been compensation.
Milwaukee is approximately $1.6 million over the tax. The Bucks have $7.6 million of the full mid-level exception available but can use only $4.4 million to sign a free agent. Exceeding a salary of $4.4 million would trigger the NBA hard cap and restrict the Bucks from exceeding salaries of $125.2 million. Currently, Milwaukee has a payroll of $120.7 million. In order to make a more lucrative proposition, the Bucks have to shed salary via a trade.
Big man John Henson could be a prime trade candidate.
There is mutual interest and motivation from both sides on finding the 6-11 center a new home, league sources tell ESPN. Henson, a shot-blocking specialist, has three years and $32 million remaining on his contract.
Rose, 28, is arguably the top free agent remaining on the board. He has also had a summer meeting with the LA Clippers. The Bucks presently have three point guards on the roster in Brogdon, Matthew Dellavedova and Gary Payton II.