Wright's new contract will allow him to play in Wednesday's season finale against the Atlanta Hawks and will be non-guaranteed for the 2014-15 season.
Signed to two separate 10-day contracts with the Bucks, Wright has averaged 6.0 points and 2.1 rebounds in 15.4 minutes per game. His second 10-day deal expired after Monday night's game, meaning the Bucks needed to sign him to a contract like this in order for him to be available Wednesday.
Wright scored 14 points in last Friday's victory over Cleveland, wowing the crowd with a series of impressive dunks.
This will also allow Wright to work out with the team over the summer as he tries to earn a roster spot for next season. Milwaukee worked out three athletic wing players to bring one into training camp next year, and Wright won the battle over Tony Mitchell and D.J. Stephens.
The former University of Dayton star played in 24 games with Golden State in the 2011-12 season and has bounced back and has spent most of this year in the NBA's Developmental league with the Maine Red Claws.