Portis declined a $4.5 million player option with the Bucks ahead of free agency.
A year ago, Milwaukee could not offer him a salary exceeding that amount and Portis took a pay cut to return after winning a championship.
Portis, 27, started 59 games of his 72 games last season, largely as a fill-in for an injured Brook Lopez, and averaged 14.6 points and 9.1 rebounds while shooting 47.9% from the field and 39.3% from 3. He has started seven playoff games in the past two years in Milwaukee and averaged 15.4 points and 11.3 rebounds in them.
The Bucks also agreed to a one-year deal with Joe Ingles, his wife, Renae, announced via Twitter on Thursday.
Ingles, 34, tore his ACL in January and spent the rest of the past season rehabbing from the injury.
BREAKING NEWS:— Renae Ingles (@RenaeIngles) June 30, 2022
Sources very close to free agent @Joeingles7 can confirm that he has agreed to a one-year deal with the Milwaukee Bucks.
CEO of the house, Renae Ingles, is thrilled for Joe and their family.
Joe himself, is said to be very bucking happy.#nba #nbanews pic.twitter.com/4yra9gQst3
The runner-up for the NBA Sixth Man of the Year Award in 2020-21, Ingles had been a vital part of the Utah Jazz for eight seasons, averaging 7.4 points, 2.9 rebounds and 3.5 assists this past season in 25 minutes a game.
A postseason veteran, Ingles played in 45 playoff games with the Jazz over the past five seasons. Known best for his quick release on 3-pointers, Ingles is also adept at putting the ball on the floor when attacking closeouts and has a knack for creating good looks for teammates with his passing.
ESPN's Jamal Collier contributed to this report.