The Giannis Antetokounmpo trade watch is officially heating up-but don’t expect fireworks just yet.
While the Milwaukee Bucks are more open than ever to exploring a blockbuster deal involving their two-time MVP, league insiders believe this saga is far from reaching its conclusion. In fact, most signs point to the drama stretching at least through the trade deadline and possibly well into the offseason.
Let’s be clear: Milwaukee isn't in any rush to move its franchise cornerstone. General manager Jon Horst and the Bucks’ front office are playing the long game here, and that makes sense.
When you're talking about trading one of the most dominant forces in the NBA, you don’t settle-you wait for the right offer. According to multiple sources, there’s a growing sense that the Bucks may hit pause on any major decisions until the summer, when the trade landscape becomes more favorable.
One Eastern Conference scout put it plainly: “I’m just not sure why it wouldn’t make sense to wait.” He’s got a point. By the offseason, teams will know where their draft picks land, and that clarity could significantly raise the value of potential trade packages.
Take the Knicks, for example. Right now, they’re limited in what they can offer in terms of first-rounders.
But come summer, they could free up two of their own picks-2026 and 2033-to sweeten the pot. The Heat are in a slightly better position at the moment, with two first-rounders available, but they could push that number to four (one being conditional) in June.
That’s a big difference when you’re trying to pry away a generational talent like Giannis.
There’s also the health factor. Antetokounmpo is currently sidelined indefinitely with a calf strain, and that throws another wrinkle into Milwaukee’s decision-making.
If the Bucks decide to pivot toward a rebuild and prioritize their 2026 draft position-they control the more favorable of their own pick or the Pelicans’-then holding onto Giannis and shutting him down could be a strategic move. It’s a tough pill to swallow, but sometimes the long-term vision outweighs the immediate return.
Where Could Giannis Land?
The list of potential suitors is long, but not all contenders are created equal-especially when it comes to assets.
The Lakers have been floated as a team to watch. According to recent chatter, there’s mutual interest from Giannis’ side, but L.A. is handcuffed in the short term.
Right now, they can only offer one first-round pick (either 2031 or 2032). In the offseason, that number could jump to three (2026, 2031, and 2033), giving them a more competitive hand.
Still, whether that’s enough to sway Milwaukee remains to be seen.
Philadelphia has also surfaced in the rumor mill, with some buzz about Giannis being intrigued by the idea of teaming up with Tyrese Maxey. But according to league sources, the Sixers aren’t showing any real signs of making a move-and they’re reportedly unwilling to part with standout rookie VJ Edgecombe under any circumstances. That’s a clear signal Philly isn’t going all-in on this chase, at least not right now.
Then there’s Toronto. The Raptors have long been linked to Giannis in various forms, but pulling off a deal would be a steep climb.
Most around the league believe any legitimate offer from the Raptors would have to start with Scottie Barnes-and that’s a non-starter for a front office that sees Barnes as a franchise pillar. One executive floated the idea of a package built around draft picks (four first-rounders and three pick swaps) plus young talent like Collin Murray-Boyles and Jamal Shead.
But even that scenario feels like a long shot.
The Contract Question
Beyond the trade itself, there’s another massive layer to all this: the extension.
Giannis becomes eligible for a four-year, $275 million extension in October, which would kick in starting in the 2027-28 season-his age-33 campaign. That’s a lot of money, and while most teams would jump at the chance to lock up a player of his caliber, not everyone is sold.
According to Brian Windhorst, at least one team with the assets to make a serious offer is hesitant. Their reasoning?
They’re not sure they want to commit $275 million to a player entering the back half of his prime-especially when they have other options on the table.
And that’s the crux of it. Trading for Giannis isn’t just about giving up picks and young players.
It’s about being ready-financially and philosophically-to build your entire future around him. That’s not a decision any team takes lightly.
For now, the Bucks are holding their cards close to the vest. They know what they have in Giannis: a game-changer, a culture-setter, a once-in-a-generation player. And they’re not going to move him unless the return matches that value.
So, while the rumor mill keeps spinning, don’t be surprised if this story stretches into the summer. The stakes are too high-and the offers, for now, just aren’t quite there.