New Orleans is receiving three future first-round picks from Milwaukee in the deal, along with two future pick swaps, per Charania.
Holiday averaged 19.1 points, 6.7 assists and 4.6 rebounds per game in 2019-20. In addition to his offensive production, he is a difference-maker on defence, averaging 1.5 steals over his 11-year career.
The 30-year-old was an all-star in 2013 and was named to the All-Defensive First Team in 2017-18 and Second Team in 2018-19.
Holiday is slated to earn $25.4 million next season and has a $26.3-million player option for the 2021-22 campaign.
Bledsoe averaged 14.9 points, 5.4 assists and 4.6 rebounds for the Bucks last season. Hill averaged 9.4 points, 3.1 assists and 3.0 rebounds per game.
After two consecutive years of playoff disappointment, Milwaukee appears to be going all-in for a championship while Giannis Antetokounmpo remains under contract. The Greek superstar is scheduled to hit free agency at the conclusion of next season.
If Antetokounmpo were to leave, Milwaukee would have significant work to do in order to recoup assets for a potential rebuild.
This is the second consecutive off-season in which the Pelicans have traded a star player. New Orleans sent Anthony Davis to the Los Angeles Lakers in a blockbuster in the summer of 2019.
The Holiday trade wasn't the only piece of business the Bucks accomplished Monday night. Milwaukee also agreed to a sign-and-trade with the Sacramento Kings that sent Bogdan Bogdanovic to Wisconsin.