Giannis trade rumors heat up as Warriors and Nets weigh blockbuster offers

With the NBA trade deadline set for Thursday, Feb. 5, 2026, at 3:00 p.m. ET, the league’s loudest question is whether the Milwaukee Bucks will actually move Giannis Antetokounmpo now—or wait until the offseason. Recent reporting has framed Milwaukee as open to listening, even as uncertainty remains over how far talks have progressed and which teams are truly at the front of the line.

The Golden State Warriors and Brooklyn Nets keep surfacing as two very different kinds of suitors: one trying to extend a title window around Stephen Curry, the other positioned to outbid most of the league with draft capital and roster flexibility.

Where the Bucks stand before the deadline

Antetokounmpo has been sidelined recently with a calf injury, and the Bucks have been operating under an unusual spotlight for a franchise that has built around a single superstar for more than a decade. The central tension is leverage: Milwaukee does not have to trade him this week, but the closer the deadline gets, the more rival executives test what it might take—especially if the Bucks believe a reset is inevitable.

It’s also not just about one player. Any Giannis trade would force Milwaukee to decide what “starting over” means: maximizing draft picks, prioritizing younger NBA-ready players, or building around a shorter bridge of veteran contracts that can later be flipped.

Warriors: the Draymond Green question and a “pick-heavy” path

For Golden State, the logic is straightforward: if there’s a chance to pair Giannis with Curry, you explore it. The complication is everything else—salary matching, roster balance, and the emotional reality of breaking up the remaining core.

The name most often linked to a realistic Warriors package is Draymond Green, largely because his contract helps make the money work and because Milwaukee would likely insist on meaningful present-day value, not just distant picks. Jonathan Kuminga has also been widely mentioned as a key outgoing player due to his age, salary, and upside. On top of that, Golden State’s best selling point may be quantity: multiple first-round picks and swaps that could give Milwaukee a long runway of flexibility.

But the trade mechanics come with a basketball cost. Moving Green would reshape Golden State’s identity on both ends, and it would place even more pressure on the Warriors to prove that a new star pairing can carry the defensive backbone Green has provided for years.

Nets: draft picks, patience, and the “make an offer” scenario

Brooklyn’s angle is less about urgency and more about optionality. The Nets have accumulated a large inventory of future first-round picks and swaps, and they can build a trade offer that’s hard to match if Milwaukee’s priority is future control.

The big question is timing and intent: is Brooklyn prepared to speed up the rebuild for a 31-year-old MVP-level centerpiece, or is it more valuable to keep the powder dry and use the pick stash for a different opportunity later? An aggressive Nets approach would likely be built around picks first, with young players used to satisfy Milwaukee’s need for immediate roster pieces.

Unlike Golden State, Brooklyn isn’t trying to preserve a dynasty-era core. The Nets can take a bigger swing with fewer sentimental constraints—if they believe the move would quickly change their competitive trajectory.

Thanasis Antetokounmpo and the “family factor” in rumors

Any time Giannis trade rumors flare, Thanasis Antetokounmpo’s name follows. He has been on a one-year deal with Milwaukee, and his presence has long been treated by fans as part of the broader ecosystem around Giannis.

It’s important not to overstate this. Front offices don’t structure nine-figure decisions around family ties alone. Still, teams around the league understand that comfort, continuity, and relationships can matter to superstars, especially when relocation and long-term commitment are involved. That context is one reason the Warriors and Nets chatter often expands into broader conversation about who can create the best off-court and on-court environment immediately.

What to watch between now and 3:00 p.m. ET Thursday

A Giannis deal, if it happens at all this week, is likely to move quickly once the Bucks and a lead bidder align on a framework. Until then, expect constant “leak-and-deny” noise around packages, third-team facilitators, and which stars might be included for salary matching.

Key takeaways:

• Milwaukee can trade now or wait, and that choice shapes whether the return skews toward picks, players, or both.

• Golden State’s path appears to require major salary pieces plus a heavy pick package, with Draymond Green often central to the math.

• Brooklyn’s best weapon is volume of draft assets, but the real question is whether the Nets want to accelerate their timeline.

If no blockbuster arrives by Thursday afternoon, the story won’t disappear—it simply shifts into offseason mode, when more teams can participate and the bargaining landscape changes.

Sources consulted: NBA.com, Reuters, The Athletic, ESPN