Meeks' league-mandated suspension for violating the NBA/NBPA anti-drug program ends Saturday night. Waiving him keeps Milwaukee's roster at 15 players.
Meeks will have served the final 19 games of his original 25-game suspension since the Bucks acquired him in a trade with Washington in October.
The Bucks acquired Meeks' $2.8 million salary for a future second-round pick and $1.5 million in cash. For the Bucks, the value of the Meeks deal was essentially buying a pick for $1.3 million.
Meeks has insisted that he never knowingly ingested any substances that would've been considered performance enhancing. Meeks, 31, was suspended before the 2017-18 playoffs; the Wizards lost their first-round series in six games.
Meeks' ability to shoot the 3-pointer will give him a good chance to land another job in the league this season. Meeks has averaged 9.3 points and shot 37.2 percent from 3-point range in 531 career games.
ESPN front office insider Bobby Marks contributed to this report.