The Milwaukee Bucks decided against moving Giannis Antetokounmpo ahead of Thursday’s trade deadline, meaning that the next chance he could be moved is in the offseason.
BREAKING: The Bucks have now indicated to teams that they’re keeping Giannis through the deadline, per @ShamsCharania
💔 pic.twitter.com/i2tfBdfBc3
— Heat Nation (@HeatNationCom) February 5, 2026
The Miami Heat were one of the teams that was interested in the two-time league MVP, and it appears they had a pretty solid offer on the table.
“Per source, Heat was informed very late last night that Bucks likely wouldn’t be trading Giannis today,” the Miami Herald’s Barry Jackson wrote on X. “Heat offer received consideration. Obviously Bam [Adebayo] was never part of deal, but there wasn’t something that Heat had that Bucks asked for and Heat resisted that killed the deal. Miami was willing to do what it took. Bucks simply want to see if they can get more this summer.”
NBA insider Jake Fischer also hinted that the Heat might’ve been approaching a deal for the 2021 NBA champ.
Jake Fischer said Miami was trying to improve their offer before Bucks shut it down:
“It really did seem like Miami was approaching possibly getting something done…was definitely hearing Miami was looking at making secondary moves to potentially add more draft captial to send… pic.twitter.com/5unJuDvvOu
— 𝙃𝙚𝙖𝙩𝘾𝙪𝙡𝙩𝙪𝙧𝙚 (@WadexFlash) February 5, 2026
However, according to ESPN’s Shams Charania, the Bucks were not close to making a deal involving Antetokounmpo before the deadline.
Shams on Giannis:
“These teams engaged but never progressed even close to a deal over the last few days…. Teams involved believe the Bucks feel they can build a contender around Giannis this summer and get him back on board to being there” pic.twitter.com/ciWkCAWdAN
— Heat Central (@HeatCulture13) February 5, 2026
Clearly, there are some conflicting reports on the Antetokounmpo situation, making it a bit hard to decipher what truly went down with the Heat.
Miami has some interesting pieces that it could include in a deal for a superstar, including young players and draft picks. However, if the Bucks feel like there will be a better market for Antetokounmpo in the offseason, they could benefit from waiting.
Antetokounmpo is currently out of the lineup with a calf injury, which could have cooled the market for him just a little ahead of the deadline. Now, teams like the Heat that are interested in the 2021 NBA Finals MVP can prepare to make major offers in the offseason.
Antetokounmpo has put together a strong 2025-26 season even though the Bucks are the No. 12 seed in the Eastern Conference and currently out of the playoff mix. He’s averaging 28.0 points, 10.0 rebounds and 5.6 assists per game while shooting 64.5 percent from the field and 39.5 percent from 3-point range.
The Heat are currently the No. 7 seed in the Eastern Conference, and they’re facing an uphill battle to make a deep run in the playoffs this season. Miami has spent a lot of the season without All-Star guard Tyler Herro due to injuries, and it’s possible he’s a player the Heat will look to move in a potential deal for Antetokounmpo in the offseason.
For now, the Heat will proceed with their current core in the 2025-26 season, and they’ll have a chance to cash in some of their trade chips for a big name this coming summer.