The 6-foot-9 Jones signed for the rest of the season. The deal was announced before Milwaukee’s game on Saturday night against Toronto.
Jones was waived by New Orleans on Feb. 23, days after the Pelicans acquired All-Star forward DeMarcus Cousins.
Jones was averaging 11.5 points and 5.9 rebounds. He was originally drafted out of Kentucky in the first round of the 2012 NBA draft by Houston.
Parker is out for the year after tearing his left ACL in a game on Feb. 8. Beasley will miss his third straight game on Saturday with a hyperextended left knee.
The Bucks were 27-33 going into the Raptors game, 1 1/2 games out of the eighth and final playoff spot in the Eastern Conference.