The Bucks made the announcement in a news release on Thursday. Milwaukee also will send forward Thon Maker to the Detroit Pistons and center Jason Smith and four future second-round draft picks to the Pelicans. Detroit will send forward Stanley Johnson to New Orleans to complete the deal.
Mirotic is averaging career-highs of 16.7 points and 8.3 rebounds per game this season. He is shooting 44.7 percent from the field and 36.8 percent from 3-point range. The Montenegro native has averaged at least 10 points per game in each of his five seasons and earned All-Rookie after the 2014-15 season.
He now joins a Milwaukee squad that has the best record in the NBA.
"We are thrilled to add such a talented player in Nikola Mirotic to our roster," Bucks general manager Jon Horst said in a statement. "He is a skilled, two-way player who fits extremely well into our system. He shoots at a high percentage from beyond the arc, rebounds and defends at his position and provides depth to our frontcourt."
The Bucks took Maker with the 10th pick in the 2016 NBA Draft. He averaged 4.7 points and 2.7 rebounds in 35 games with Milwaukee this season.
The Bucks acquired Smith from the Washington Wizards in a three-team deal in December. He appeared in six games with Milwaukee and averaged 2.2 points and 1.8 rebounds.