Giannis Antetokounmpo is expected to be traded before the start of the NBA draft Tuesday, with the Celtics and Heat emerging as finalists to land the Bucks superstar.
The Bucks have been engaged in serious trade talks with the Celtics and the Heat, sources told Charania, and are weighing significantly different offers for Antetokounmpo.
Boston's offer centers around five-time All-Star Jaylen Brown in a proposed swap of two of the NBA's top players, sources told Charania.
The Heat, on the other hand, have offered cost-controlled players and significant draft capital to the Bucks, according to sources. Miami has the No. 13 pick in this year's draft.
Boston and Miami both are preferred destinations for Antetokounmpo, who has been the focus of ongoing trade speculation for over a year.
The Bucks are not expected to include a third team in an Antetokounmpo trade, according to sources, and are focused solely on negotiating with the Celtics and Heat.
The Celtics are coming off a 56-26 campaign as the No. 2 seed in the Eastern Conference despite playing most of the season without injured star Jayson Tatum.
Brown averaged a career-high 28.7 points per game as Boston's centerpiece, but his Celtics future came into question last month due to a perceived rift with team management.
Sources told Charania that if traded to Milwaukee for Antetokounmpo, Brown would remain with the Bucks.
The Heat, who went 43-39 last season, have been seeking a lead star to pair with Bam Adebayo since trading Jimmy Butler to the Warriors last year.
The Bucks' trade saga with Antetokounmpo began in May 2025, when the two-time league MVP expressed an openness to finding his best fit outside of Milwaukee.
Conversations between Antetokounmpo's side and the Bucks continued to escalate as the year went on, including last summer, when Antetokounmpo informed all parties that he had a desire to play for the Knicks. The Bucks, however, believed they would be contenders in the Eastern Conference and decided to keep Antetokounmpo after traction failed to build in talks with the Knicks last August.
It all culminated in a season of dysfunction around the Bucks: Antetokounmpo made it clear to the franchise that he was ready to be traded; the team discussed deals at the trade deadline; and a fractured relationship between the two sides led to Antetokounmpo sparking a league investigation into his own organization for shutting him down late in the season with a knee injury.
The Bucks finished 32-50 and outside of the postseason and even the play-in tournament, snapping a streak of nine consecutive years in the playoffs. Antetokounmpo played in just 36 games as he was plagued by groin, calf and knee injuries. He averaged 27.6 points, 9.8 rebounds and 5.4 assists for the season.
Antetokounmpo has played all 13 of his NBA seasons in Milwaukee and holds every major statistical record in franchise history. He led the Bucks to their first championship in 50 years in 2021.
