With the 2013 summer penciled in as a major opportunity for the franchise to acquire another star player to pair with Dirk Nowitzki, the Mavericks likely will shy away from making any significant trades before the trade deadline. Dallas should have enough free cap space to offer a max contract to a free agent, with possibilities like Dwight Howard or Josh Smith.
If the Mavericks acquired Jennings, it would likely be with the idea of giving him a major contract extension in mind, as he's scheduled to become a restricted free agent this summer. Dallas could let the Bucks guard leave if he signs an offer sheet elsewhere, but it's hard to imagine the Mavs giving up assets to let Jennings walk.
Other than the existing Jennings rumor, which lost a good deal of its luster when the guard indicated his distaste with Milwaukee was overstated, there's been little news about the Mavericks' activity in trade negotiations. Reports have surfaced about Dallas' interest in Smith, but it's uncertain how serious that really is.