The Milwaukee Bucks have been doing everything in their power to keep Giannis Antetokounmpo in Milwaukee-swinging big with the Damian Lillard trade, reshuffling the roster, and even pulling the plug on Lillard via stretch-and-waive to make room for Myles Turner. But despite all the maneuvering, it looks like the Giannis era in Milwaukee may be nearing its end.
On Tuesday, reports surfaced that the Bucks are officially listening to offers for their two-time MVP, and Giannis himself is reportedly “ready for a new home.” Now the question is: does this blockbuster move happen before the Feb. 5 trade deadline, or do the Bucks hold off until the summer to maximize their return?
Let’s break down what we know-and what could come next.
Why the Bucks Might Wait
Technically, Giannis is still on the roster, even though he’s sidelined for the next 4-6 weeks with a calf strain. That alone makes the Bucks the betting favorite to retain him through the deadline.
But timing matters here. Milwaukee doesn’t have to make a move right now, and there’s a strong case for waiting until the offseason when the trade market opens up significantly.
Take the Miami Heat, for example. Right now, they can offer two first-round picks.
Come summer? That number jumps to four.
The New York Knicks are in a similar spot-they currently have no unprotected first-rounders to offer, but that changes in the offseason when they’ll have two available. That’s a big difference when you’re talking about trading one of the league’s most dominant forces.
Giannis Holds the Cards
Here’s the leverage play: Giannis has a player option after the 2026-27 season, which means any team trading for him is staring down the possibility of a one-year rental. That’s a tough pill to swallow if you're giving up a haul of picks and young talent. It also explains why Milwaukee’s efforts to salvage the situation last summer-rather than exploring trade options-might come back to haunt them.
As of now, Giannis hasn’t gone public with a list of preferred destinations. But make no mistake: in today’s NBA, the player wields the power, especially when they’re a generational talent like Antetokounmpo. Any team looking to land him will want some kind of long-term commitment before pushing their chips to the center of the table.
With that in mind, let’s look at a few teams that could realistically make a move-and what they’d have to offer.
New York Knicks: A Big Market, But Not the Best Package
Giannis has reportedly shown interest in the Knicks before, and there’s no doubt Madison Square Garden would love to welcome a superstar of his caliber. But when it comes to trade assets, New York is limited-at least for now. They don’t have the draft capital to put together the kind of package Milwaukee would want unless they bring in a third team to help facilitate.
Any Knicks offer would likely be built around win-now players like Karl-Anthony Towns or OG Anunoby. That’s not ideal for the Bucks, who are more likely to prioritize future picks over veterans.
Still, if Giannis were to force the issue and make it clear he wants to be in New York, we’ve seen superstars engineer their way to preferred destinations before. If it happens, a Giannis-Jalen Brunson duo would instantly become one of the most formidable pairings in the league.
Miami Heat: Long-Term Picks, Short-Term Questions
The Heat can’t offer much in the way of immediate draft picks-their first-rounders in play right now are for 2030 and 2032. But that long-term value could be appealing to Milwaukee, especially if they’re thinking about a full reset. Remember, the Thunder’s haul in the Paul George trade looked even better in hindsight because of how those picks matured over time.
Miami also has some intriguing young players, including Tyler Herro and Kel’el Ware, who could be part of a potential deal. The Heat haven’t been true contenders in recent seasons, but they’ve never been shy about going all-in for a superstar. If they get a sense that Giannis is open to South Beach, expect them to be aggressive.
Atlanta Hawks: The Pick That Could Change Everything
Atlanta is sitting on one of the most valuable assets in the league: the more favorable 2026 first-round pick between the Bucks and Pelicans. If that pick ends up in the top three-especially in a draft class with multiple potential franchise players-it could be a game-changer.
The smart play for Milwaukee might be to wait until the lottery shakes out this summer before making any moves. But would Atlanta be willing to part with that pick, even for Giannis?
And would Giannis be willing to commit to a Hawks team that hasn’t proven it can sustain success? Those are the big questions.
If it somehow comes together, a Giannis-Jalen Johnson pairing could put Atlanta back in the contender mix.
Golden State Warriors: A Bold Swing for One Last Run
Golden State has the pieces to make a compelling offer-Jonathan Kuminga, Brandon Podziemski, and a treasure chest of picks and swaps. They could even include Jimmy Butler in a deal, along with either Kyle Kuzma or Bobby Portis coming back from Milwaukee.
The idea here is simple: pair Steph Curry with the most dominant frontcourt force in the NBA and take one last shot at a title before the dynasty window closes. But it’s a high-risk play.
The Warriors’ future picks are incredibly valuable given the ages of Curry (37) and Draymond Green (35). If things don’t pan out, the cost could be steep.
What Comes Next
There’s no clear frontrunner yet, and Giannis hasn’t tipped his hand publicly. But the clock is ticking. Whether it’s before the deadline or in the summer, a trade feels more like a “when” than an “if” at this point.
Milwaukee’s next move will shape not only the future of their franchise but potentially shift the balance of power across the entire league. And with a player like Antetokounmpo, that kind of ripple effect is inevitable.
Buckle up-this could get wild.