Ellis, 27, had until Thursday to decide whether or not to continue with the Bucks for an $11 million-a-year contract, but he decided to go-on as a free-agent.
The Bucks allegedly offered Ellis a three-year $36 million extension recently, but he declined.
While playing for Milwaukee, Ellis starred in all 82 games last season averaging 19.2 points, 3.9 rebounds and 6.0 assists per game.
Having been the leading scorer for his team last year, Ellis is expected to draw substantial amount of attention now that he is an unrestricted free agent.
Celebrity Couples of 2014 [PHOTOS]