Redick has agreed to a four-year, $27 million contract, which will be sent to the Clippers. Phoenix will receive Los Angeles point guard Eric Bledsoe and small forward Caron Butler and will send small forward Jared Dudley to the Clippers.
The Bucks will receive a pair of second-round picks for facilitating the deal, one from Phoenix and one from Los Angeles.
Acquired at the trade deadline from Orlando along with point guard Ish Smith and power forward Guatavo Ayon for forward Tobias Harris, Redick averaged 12.3 points per game in 28 games with the Bucks.
The 29-year-old shot 40.3 percent from the field and 31.8 percent on 3-pointers with Milwaukee, down from his 45.0 percent shooting and 39.0 percent from 3 in 50 games with the Magic, where he averaged 15.1 points per game.