What we’re hearing about Giannis Antetokounmpo’s trade market, plus more NBA intel

Welcome to this week’s edition of What We’re Hearing, NBA Trade Deadline edition. Each week leading up to the Feb. 5 deadline, I, along with our other league insiders and beat writers, will give you the latest trade intel and insight from around the NBA. Here’s last week’s edition.

This week, we tackle Giannis Antetokounmpo’s future in Milwaukee and his potential landing spots if he’s dealt, as well as whether the Dallas Mavericks or New Orleans Pelicans will make a move before the deadline.

The hottest question in the league this week

Who’s really in the Giannis Antetokounmpo sweepstakes?

As several rival executives agreed during fascinating discussions about the Giannis Antetokounmpo saga — they were granted anonymity in exchange for their candor — we’ve seen the strongest sign yet that the Milwaukee Bucks, as opposed to Antetokounmpo, truly want to know what the market looks like for their two-time MVP. Longtime general manager Jon Horst has privately claimed for years now that he’d demand a massive return if this unwelcome day ever came, and the fact that it appears to be here means it’s time for him to get clarity on what is — and isn’t — available both now and later (if Milwaukee decides to push this into the offseason).

League sources confirmed to The Athletic that the Bucks are, in fact, fully engaging with interested teams. And the leading suitors, the sources also confirmed, are the Miami Heat, New York Knicks, Golden State Warriors and Minnesota Timberwolves.

Not everyone has the luxury to wait. Least of all, the Warriors. In terms of motivated parties, you’d be hard-pressed to find any team that could use Antetokounmpo more now than Golden State.

What’s more, the harsh reality is that the Heat — whose strong interest in Antetokounmpo is widely known — can access a treasure trove of first-rounders (up to four) in the summer and should thus incentivize Golden State to seize this current moment.

Can the Timberwolves convince the Bucks to send Antetokounmpo their way, thereby giving Anthony Edwards the sort of co-star he’s never had in the Twin Cities? It’s seen as a long shot at this point, but much could change in the coming days.

Meanwhile, in the hours that followed Wednesday’s latest development, some rival executives claimed the Atlanta Hawks were in prime position to win the Antetokounmpo sweepstakes. But that sort of move would almost certainly require giving up 24-year-old small forward Jalen Johnson, the All-Star caliber talent whose place in their program was recently elevated by the decision to send Trae Young to the Washington Wizards. By the time Wednesday afternoon came, Hawks officials were sending the message that they weren’t, in fact, involved while emphasizing the plan to build with a long-term view in mind (a la Oklahoma City and San Antonio).

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What might a Giannis-to-Warriors trade look like?

By Eric Nehm

Bucks receive: Jimmy Butler, Jonathan Kuminga, Moses Moody and Brandin Podziemski; Golden State’s 2028 first-round pick; Golden State’s 2030 first-round pick (if 1 through 20); Golden State’s 2032 first-round pick; rights to swap Golden State’s 2031 pick

Golden State Warriors receive: Antetokounmpo, Kyle Kuzma

The Warriors are listed among the four leading suitors for Antetokounmpo. Their trade package would be a bit more straightforward than the one constructed for Minnesota, but maybe not more attractive.

Ultimately, beauty is in the eye of the beholder, and it will be on Horst to decide what he finds most appealing in a trade package and whether or not any team can meet the threshold necessary to acquire Antetokounmpo, who would be a perfect superstar to help Steph Curry finish out his career and then take over as Golden State’s new face once Curry retires.

Butler tore his ACL on Jan. 19, meaning the 36-year-old forward will miss the rest of this season and likely work his way back near the start of the 2026-27 season. While he might have the biggest name in the deal outside of Antetokounmpo, he is largely in the proposed trade package above to help match up salaries. This trade would be all about the young players and the picks.

Wait … Minnesota?

By Jon Krawczynski and Eric Nehm

Any time a player like Giannis Antetokounmpo is available, you have to put Timberwolves President of Basketball Operations Tim Connelly’s name in the running for a trade.

Connelly has been one of the most aggressive front office leaders since he took the job in Minnesota. He has swung big deals for Rudy Gobert, Julius Randle and Donte DiVincenzo and his swap of D’Angelo Russell for Mike Conley and Nickeil Alexander-Walker helped catapult the Wolves into contender status.

Here’s one possible trade framework:

Bucks receive: Randle and Naz Reid; Portland’s 2030 first-round pick; rights to 2028 and 2032 first-round pick swaps with Minnesota; regain control of their own 2029 and 2030 first-round picks

Timberwolves receive: Antetokounmpo and Jrue Holiday

Trail Blazers receive: Jaden McDaniels and Conley

In the trade that sent Damian Lillard to Milwaukee in 2023, the Bucks sent control of their first-round pick to Portland for three NBA drafts, from 2028 to 2030. In this trade, the Blazers would be sending back the Bucks’ 2029 first-round pick, extinguishing the pick swap they have with the Bucks in 2030, then sending their own first-round pick in 2030 to Milwaukee in order to add McDaniels, while swapping veteran point guards with the Timberwolves.

The Timberwolves do not have any first-round picks they can trade, but they can give the Bucks the right to swap picks with them in 2028 and 2032. Those swaps don’t have much value, but they are still something the Bucks can take to make the package stronger.

Outside of regaining control of two years of draft picks, the Bucks also would be adding Randle, who is averaging 22.2 points, 7.0 rebounds and 5.4 assists in his 12th NBA season, and Reid, who has been one of the league’s most consistent contributors off the bench over the last three seasons. Both players have been real contributors to the Timberwolves, who have gone to the Western Conference finals the last two seasons.

The Giannis-Knicks challenges

By Sam Amick and James L. Edwards III

The public nature of these Giannis Antetokounmpo talks means this is incredibly tricky territory to navigate for any potential suitor. Just ask the Knicks.

New York’s talks with the Bucks about Antetokounmpo last summer led to hard feelings with Karl-Anthony Towns that, per team sources, remain to this day. That’s the double-doozy that every team seeks to avoid — the failure to land the player they’re pursuing that is followed by a step backward, relationship-wise, with the player who learned he was nearly sent packing in the process.

Beyond that complication, all signs point to Milwaukee wanting a premier young player and/or a haul of draft picks in return for Antetokounmpo. The Knicks have neither, and they couldn’t get picks without completely gutting their roster or trading Jalen Brunson, which seems very far-fetched.

It’s hard to see how trading Towns and Mikal Bridges to a third team will get decent draft picks in return, either. Both have lower value now than when New York traded for them.

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What else have we heard?

Teams covet Pelicans players. Will they be moved?

By Will Guillory

Those waiting for the New Orleans Pelicans to hit the reset button and blow things up ahead of this year’s NBA trade deadline are probably going to be disappointed around this time next week.

With the deadline officially a week away, the Pelicans are one of the teams at the forefront of rumors because of their 12-37 record (last in the Western Conference), and the perception around the league is they will be one of the teams aggressively looking to make some moves.

Although most of the interest is on the biggest names on the roster, league sources tell The Athletic it’s unlikely that Zion Williamson, Trey Murphy or Herb Jones will be moved before Feb. 5. While the Pelicans are focused on building a future around 2025 first-round picks Jeremiah Fears and Derik Queen, there’s still belief around the team that Murphy, Jones and Williamson can be foundational pieces of the puzzle moving forward.

There is a growing sentiment that the Pelicans would prefer to move one — if not both — of the contracts attached to Jordan Poole and Dejounte Murray.

Poole, a healthy DNP in the Pelicans’ last two games, is having an awful season, and keeping him on the floor has been difficult for a team fighting to establish a defensive identity. Along with his defensive struggles, Poole is shooting 37 percent from the field, the second-lowest shooting percentage of anyone this season with at least 300 field goal attempts. Poole still has one year and $34 million left on his deal after this season, a point of major criticism for the Pelicans after they traded for him last summer.

Murray, who hasn’t played a game this season as he continues his recovery from a ruptured Achilles tendon sustained a year ago, hasn’t been seen around the team in months, as he’s spent most of his time rehabbing in Las Vegas. Murray is set to make $32.7 million next season, and he has a player option for $30.7 million in 2027-28.

All indications from folks on Murray’s side suggest the 29-year-old would prefer to find a new destination ahead of the trade deadline.

Two Mavericks have robust trade markets. Neither is Anthony Davis

By Christian Clark

While Anthony Davis’ market is tepid because of his contract status and injury history, other Mavericks players are drawing interest from rival teams. Forward Naji Marshall, in particular, is a player in demand.

“I think half the league is interested in him,” one scout with a Western Conference team said.

The Mavericks are signaling they’d like to hold onto Marshall and that it would take something extraordinary to consider moving the 28-year-old, who is in the midst of a career season. Prior to Thursday’s action, the slashing forward nicknamed “The Knife” is averaging 14.7 points on a 63.3 true-shooting percentage. Marshall has shown steady improvement in his six-year NBA career, which began in 2020 as an undrafted rookie on a two-way contract with the New Orleans Pelicans.

Marshall’s all-around production this year and his contract are reasons why he is considered a coveted player. He is making $9 million this season and is owed $9.4 million next season, or about 5.7 percent of the salary cap.

Daniel Gafford is another Mavericks player receiving interest on the trade market, in part because of the number of NBA teams seeking an upgrade at center. The Toronto Raptors, Atlanta Hawks and Boston Celtics are among the teams interested in adding a big man.

Gafford’s scoring average has dipped as he has been battling a nagging right ankle sprain. But he is still only 27 years old and started NBA Finals games for the Mavericks less than two years ago.

More reading

• The Clippers have been the best team in the NBA over the past few weeks, but they have an old roster and have battled injuries all season. Law Murray examines whether LA will make any moves before the deadline.

• Toronto needs to get better beyond the arc if they want to make a deep playoff run this season. Eric Koreen discusses possible upgrades on the wing, including the Bulls’ Ayo Dosunmu and Kings’ Keon Ellis.