The Bucks are waiving Thomas after signing him on Feb. 8, the team announced Monday.
Thomas appeared in 18 games with the Bucks, averaging 10.7 points, 1.6 rebounds and 1.9 assists on 43.1-per-cent shooting. He joined Milwaukee days after being cut by the Brooklyn Nets.
The 24-year-old was red hot upon joining the Bucks, having a 34- and 27-point showings within his first four games with the team. Bucks coach Doc Rivers even compared Thomas to Lou Williams and Jamal Crawford, both former Sixth Man of the Year winners, after just two games.
Thomas then cooled off, only posting double-digit scoring in five of his final 14 games with the franchise.
The six-foot-three guard will now look for his third team in five years since joining the NBA.
The Bucks converted Pete Nance to a multi-year standard contract in a corresponding move.
