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At a meeting in Athens in July with one of his agents, Giorgos Panou, and Bucks general manager Jon Horst, star forward Giannis Antetokounmpo expressed some concern about whether Milwaukee will be capable of competing for a title and wanted to explore the idea of a possible “alternative path forward,” league sources tell Shams Charania of ESPN.

According to Charania, Bucks sources were worried that meeting would result in a formal trade request from the two-time MVP, who had “serious questions” about the Bucks’ championship potential. While Antetokounmpo has repeatedly stressed both publicly and privately that he wants to be in position to vie for another ring, this offseason was the first time he “truly initiated the pursuit of his best external options,” writes Charania.

Although Antetokounmpo and his representatives internally discussed several teams as possible fits for him in the event that he were to leave Milwaukee, only a single club emerged as one he’d be interested in playing for, per Charania: the Knicks.

Based on Giannis’ questions about Milwaukee’s roster and his interest in New York, the Bucks and Knicks engaged in discussions in August, sources tell ESPN, but the two teams never gained any traction toward a trade involving the 30-year-old.

As Charania details, the Bucks made it clear during those conversations that they preferred to hang onto Antetokounmpo, and sources in Milwaukee indicated to ESPN that the Knicks didn’t make a strong enough push for the forward to warrant continuing the talks. The Knicks, meanwhile, didn’t feel as if the Bucks were ever serious about legitimately considering a trade, sources tell ESPN, though Charania says it’s unclear how Milwaukee would’ve responded if New York was more aggressive in its pursuit.

Of course, the Knicks aren’t especially well positioned to make a strong offer for Antetokounmpo. They only currently have one tradable first-round pick, and it’s a heavily protected Wizards selection that will likely turn into a pair of second-rounders. That means any Knicks offer for Antetokounmpo would have to be heavy on player value, and New York’s veteran stars may have limited appeal to a Bucks team that would presumably be looking to rebuild – or at least retool – if they traded their best player.

After those conversations with the Knicks didn’t go anywhere, the Bucks signed Giannis’ brother Thanasis Antetokounmpo and committed to opening the season with the nine-time All-Star on their roster. However, there’s an expectation that Giannis will keep his options open depending on how the Bucks play in the first half of this season, according to Charania, who says 2025/26 is viewed as a “make-or-break” year in Milwaukee.

Antetokounmpo, who is under contract through at least 2026/27 (with a player option for ’27/28), could have quieted the trade speculation by unequivocally reaffirming his commitment to the Bucks at media day last week. Instead, he confirmed that offseason reports about him weighing his options were accurate and reiterated that he wants to win another championship. He also told reporters that he couldn’t recall a June conversation described an hour earlier by Bucks governor Wes Edens in which he said he was “very committed” to Milwaukee.

Still, as Charania writes, some rival executives believe that Antetokounmpo would have needed to create more of a public “spectacle” this summer if he truly wanted to be traded, which would run counter to his personality. He ultimately didn’t apply any pressure publicly to the Bucks during the offseason, Charania notes.