The Miami Heat has long been viewed as the frontrunner in the sweepstakes for Giannis Antetokounmpo during the regular season. However, that pursuit may have hit a serious roadblock, potentially threatening their chances of landing the former two-time MVP.
According to ESPN insider Brian Windhorst, the Milwaukee Bucks have still not received an acceptable offer from Miami in ongoing trade discussions centered on Giannis. Windhorst also noted that there is a real possibility a deal may not come together before next week’s NBA Draft, a key soft deadline in negotiations.
“So far, from what I am told, the Bucks have yet to receive an offer that they’re willing to accept for Giannis Antetokounmpo, which is somewhat nearing what happened at the trade deadline last February,” Windhorst said in ESPN’s Get Up show. “While there is this deadline of the draft, and I am told that they intend to try to trade him by the draft, I think it’s possible, there’s some percentage chance, that they don’t find the deal that they like.”
Heat Central Windhorst thinks the Bucks could be looking to get all possible assets from the Heat to give up Giannis, who has been on the trading block since last season.
Windhorst also emphasized that Miami has been the most aggressive team in pursuit of Antetokounmpo, but Milwaukee is reportedly pushing for a maximum-return package that the Heat may be struggling to assemble.
“Miami has been the team that’s been most aggressive and trying to get him,” he said. “But they have seven or eight different pieces they can trade, and none of them I consider super premium. I think the Bucks probably want all of them.”
Milwaukee Bucks Asking Price From Miami For Giannis
Reports have also surfaced detailing what Milwaukee may be demanding in return. NBA reporter Evan Sidery noted that the Bucks could be targeting a package built around Kel’el Ware, Jaime Jaquez Jr., Kasparas Jakucionis, the No. 13 pick in the 2026 NBA Draft, and an additional future first round selection.
Tyler Herro and Nikola Jovic have also been mentioned in discussions, although there is growing belief that both players could be redirected in a separate deal to maximize draft compensation. Notably, Bam Adebayo has not been included in any reported trade frameworks involving Antetokounmpo.
As negotiations stall, Miami’s chances could be slipping, especially if another franchise decides to step in with a stronger offer. Rival teams are reportedly monitoring the situation closely, ready to enter the bidding if talks between the Heat and Bucks collapse.
Among the other organizations linked to Giannis this offseason are the Boston Celtics, LA Clippers, and Oklahoma City Thunder. Still, league insiders continue to suggest that Miami remains the strongest contender in the race.
Miami Already Preparing For Giannis Arrival
Despite the uncertainty, there are signs the Heat are preparing for a potential blockbuster move. NBA insider Jake Fischer reported that Miami has already begun exploring additional roster options, particularly shooters, in anticipation of what the roster might look like if Antetokounmpo arrives.
“I’ve also been advised that Miami has begun making some additional calls in search of some supplementary shooting in the event that its dream frontcourt pairing of Antetokounmpo and Bam Adebayo actually materializes,” Fischer reported.
Giannis has historically thrived in lineups surrounded by perimeter shooting and strong defensive support, a formula that helped lead the Milwaukee Bucks to the 2021 NBA championship.
If Miami does succeed in landing him, the roster could undergo a major transformation, with several current rotation players likely moved in order to meet Milwaukee’s asking price and balance the cap structure afterward.