In 1982–83, Cowens felt the desire to play again and approached the Celtics about trading him, as they still held his rights. Cowens said, "The Celtics are set up front (with Bird, McHale and Parish). They could trade me, work something out. No disrespect to Bill Fitch. I'd advise any younger players to play for him, but I'd probably be better off somewhere else". After first negotiating with the Phoenix Suns, the Celtics traded Cowens to the Milwaukee Bucks, who were coached by former Celtic teammate Don Nelson. The Celtics received Quinn Buckner from Milwaukee as compensation. Cowens averaged 8.1 points, 6.9 rebounds and 2.1 assists in 25 minutes per game with the Bucks. He was injured in the final game of the regular season and was unable to play in the playoffs for Milwaukee. Cowens retired for good after the season.