The Bucks then paved the way for Kidd's arrival by firing coach Larry Drew later in the day.
The Nets will receive a second-round draft pick in 2015 that was formerly their own, and another in 2019 belonging to either Milwaukee or Sacramento.
Kidd went 44-38 in his only season as Nets coach, but then sought control of the basketball operations department and was denied. The Nets gave him permission to talk to other teams about a job.
It was a stunningly quick ending to Kidd's reunion with the franchise he twice led to the NBA Finals as a player. The Nets hired him last June as coach just weeks after he retired as a player and retired his No. 5 before a preseason game in October. Also, he bought a small portion of the team.
But things rarely ended cleanly for Kidd throughout his Hall of Fame-worthy career, and that remains the case as a coach. He was traded from Dallas, his first pro team, when he feuded with teammates. He was shipped out of Phoenix after an arrest for a domestic dispute.
And though he led the Nets to the 2002 and '03 NBA Finals and remained a franchise icon, he soured on the team during the 2007-08 season, and the franchise dealt him back to Dallas.
Current ownership wasn't interested in positioning Kidd above general manager Billy King and giving him the power he sought.
Drew went 15-67 in his only season in Milwaukee.
Around the league
Pistons • Detroit won't pick up the team option on Chauncey Billups' contract for the 2014-15 season. Coach Stan van Gundy says Monday's announcement was a hard one. He says the 37-year-old guard "will always be a valued member of the Detroit Pistons' family."
Magic • Orlando waived veteran guard Jameer Nelson.
The move ends the run of the Magic's longest-tenured player at 10 seasons. He played in 651 regular-season games in Orlando with 556 starts, averaging 12.6 points and 5.4 assists .