Milwaukee reportedly offered a two-year, $24 million extension that was contingent upon Ellis not opting out of his original contract.
Ellis was one shy of his season high. He didn't contribute much in other statistical categories, however.
Ellis is averaging 8.9 assists in seven games this month.
Ellis may be asked to take on an even bigger load down the stretch with Larry Sanders and Brandon Jennings banged up.
The almost-never efficient Ellis is still in a particularly rough shooting stretch of late, going 26 of 78 (33.3 percent) from the field over his last five.
Ellis, averaging 19.4 points on the season, is putting up 22.9 points and 6.7 assists over his last 21 contests.
Ellis bounced back after a paltry five-point effort in Atlanta on Wednesday.
Ellis was coming off a seven-point performance against Miami on Friday. He was averaging 26.8 points in his previous nine games.
Ellis shot 12 for 19 from the field and has averaged 27.4 points over his last eight games.
Ellis shot 9 for 24 from the field, but hit 11 of 12 from the free-throw line.
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