The NBA offseason has barely begun, but the trade rumor mill is already heating up — and Giannis Antetokounmpo may be the biggest name involved.
According to a new report by Doug Smith of the Toronto Star, there is “mutual interest” between the Milwaukee Bucks superstar and the Toronto Raptors, opening the door to one of the most seismic trades in recent memory.
While no official trade request has been made, multiple reports now indicate that Antetokounmpo is, for the first time, open to the idea of a change in scenery.
A Willing Superstar Meets a Ready Franchise
The Raptors’ potential involvement gained traction after ESPN’s Shams Charania reported that Antetokounmpo, 30, is “open-minded” about exploring a new situation following Milwaukee’s early exit in the 2025 NBA Playoffs.
Fellow ESPN insider Brian Windhorst added on Sunday that Toronto is actively “looking for a big fish” this offseason — a phrase that could very well describe the Greek Freak himself.
Smith noted that the Raptors are “uniquely placed to make an attractive offer that won’t ruin their franchise or roster,” a rare balance in today’s superstar trade market.
Toronto’s advantage lies in its combination of young talent and draft capital. The Raptors control all of their future first-round picks and own the No. 9 selection in the 2025 NBA Draft. Their roster also features a blend of high-upside players such as Gradey Dick, Ochai Agbaji, Ja’Kobe Walter, RJ Barrett, and Immanuel Quickley — all of whom could headline a potential package.
Milwaukee Bucks’ Championship Window Closing?
Milwaukee’s failure to advance past the second round in each of the last four seasons has only intensified speculation around Antetokounmpo’s future. After leading the Bucks to a title in 2021, the franchise has struggled to recapture that magic.
The 2024–25 campaign ended in disappointment again, with a first-round exit and serious questions about the roster’s long-term viability, especially with Damian Lillard recovering from a torn Achilles.
Despite the team’s shortcomings, Antetokounmpo remains a force. This season, he averaged 30.4 points, 11.9 rebounds, 6.5 assists, and 1.2 blocks while shooting 60.1 percent from the floor across 67 games. It marked the third consecutive year he averaged at least 30 points.
Still, with limited flexibility and aging core pieces, the Bucks could be approaching an inflection point — and if Giannis asks out, they may be forced to consider offers.
Masai Ujiri’s Longstanding Pursuit
If there’s an executive known for bold moves, it’s Raptors president Masai Ujiri. The architect of Toronto’s 2019 championship run, Ujiri is no stranger to seismic trades, having pulled off the Kawhi Leonard blockbuster in 2018 despite significant risk.
His interest in Antetokounmpo dates back over a decade. Ujiri reportedly attempted to trade into the 2013 draft to select Giannis, but the Raptors were unable to secure a pick high enough to grab him. The front office also preserved cap space in anticipation of a possible 2021 free agency bid before Antetokounmpo signed a supermax extension with Milwaukee.
Landing Giannis would represent the ultimate full-circle moment for Ujiri — and a defining addition to his résumé.
Do the Toronto Raptors Make Sense?
Unlike many suitors who would need to gut their roster to acquire a top-five player, Toronto has the rare flexibility to build an offer that is both substantial and sustainable.
The presence of several promising young players, the availability of every future first-round pick, and a proven executive with a track record of bold deals all point to the Raptors being serious contenders if Milwaukee explores offers.
Moreover, Toronto is a market with a winning infrastructure, a championship pedigree, and a history of supporting international stars. The idea of Antetokounmpo taking the reins in Canada could appeal to both his competitive ambitions and off-court branding.
Despite the growing buzz, there are substantial hurdles to overcome. Antetokounmpo is under contract through 2026, with a player option for 2026–27. Unless he explicitly asks for a trade, the Bucks are not compelled to move him.
But the groundwork is being laid. With new reports confirming mutual interest and Toronto’s aggressive posture heading into the offseason, this storyline could quickly gain traction depending on how the Bucks respond to internal pressure and the evolving market.
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