NEW YORK — Can the Knicks really land Giannis Antetokounmpo?

It’s been the buzz around New York ever since a glimmer of hope cracked through the chaos in Milwaukee. With Damian Lillard sidelined indefinitely, the Bucks’ chances of contending for the 2026 title are fading fast. And with Jayson Tatum now expected to miss most, if not all, of next season for the Boston Celtics due to injury, the Eastern Conference is wide open.

Suddenly, the idea of Antetokounmpo asking out — of requesting a trade from the only franchise he’s ever known — doesn’t feel far-fetched. Nor does the possibility that he names the Knicks as his preferred destination, chasing a new chapter in the Big Apple after delivering Milwaukee its first title in 50 years.

But how would a deal even work with the Knicks over the cap? How likely is it Giannis actually becomes available? And what would a blockbuster trade look like?

Let’s break it down — from odds, to mechanics, to potential trade frameworks that could bring the Greek Freak to New York.

Has Giannis officially asked out?

Not yet — just like the Knicks haven’t formally requested permission to interview Jason Kidd, Antetokounmpo hasn’t formally asked the Bucks for a trade. But with Lillard expected to miss most, if not all, of next season due to a ruptured Achilles, the league is bracing for that possibility. According to multiple reports, teams across the NBA have already started checking in with Milwaukee — quietly gauging whether the door might crack open for a blockbuster deal.

The Knicks are no different. And if the Bucks decide to seriously consider moving their two-time MVP, New York will be at the front of the line.

Still, the latest odds out of Las Vegas suggest Milwaukee is more likely than not to keep Antetokounmpo heading into next season. As of Tuesday, Giannis remains overseas on vacation with his family — and, by all accounts, has yet to signal any intent to force his way out.

What’s the price?

The Knicks already pulled off two blockbuster trades last offseason — but landing Antetokounmpo would require an even bigger swing.

To get Mikal Bridges, New York sent Brooklyn five first-rounders, a swap, a second-rounder, and matching salary. To get Karl-Anthony Towns, they dealt Julius Randle, Donte DiVincenzo, and a first-round pick to Minnesota.

A Giannis deal would dwarf both — and recent history offers a glimpse at the starting price:

— Golden State gave up Andrew Wiggins, multiple role players, a protected first-rounder, and a second-round pick for Jimmy Butler.

— Sacramento surrendered De’Aaron Fox and Kevin Huerter — and received three firsts, three seconds, Zach LaVine, and a prospect in return.

— Phoenix traded Bridges, Cam Johnson, four first-rounders, a swap, and Jae Crowder for Kevin Durant.

— Utah got back four firsts, a swap, and several rotation players — including rookie standout Walker Kessler — for Rudy Gobert.

Giannis is in a class above them all: a two-time MVP, a Finals MVP and still firmly in his prime. If Milwaukee ever opens the door, the Knicks will need a monster offer — and even that might not be enough to outbid the field.

Do the Bucks have cap space?

Kind of — and it matters.

Trading Khris Middleton for Kyle Kuzma gave Milwaukee financial breathing room. The Bucks now sit $30 million under the first apron, with access to the full $14.1 million mid-level exception.

That flexibility changes the trade math. They can take back more salary than they send out — a key factor in any Giannis deal, especially if the Knicks want to keep one of their stars and avoid a strict dollar-for-dollar exchange.

What about the Knicks’ cap space?

The Knicks have $199.77 million in salary on the books for 2025-26 — about $4 million over the first apron and $45 million over the cap. That means they can’t take back more salary than they send out in a trade.

They’re still $8 million below the second apron, which keeps salary aggregation on the table — crucial for building a Giannis-level package.

Declining team options on P.J. Tucker and Ariel Hukporti would free up another $5.4 million, giving the front office added wiggle room.

THE GIANNIS TRADE IDEAS

The Knicks have four distinct pathways to building a legitimate trade offer for Antetokounmpo.

Offer 1: The KAT-centric trade

Trade framework: Luka Doncic-Anthony Davis Lakers-Mavericks swap

— OUTGOING: Karl-Anthony Towns, Miles McBride, Pacome Dadiet, 2026 top-8 protected WSH first-round pick, 2032 first-round swap, 2032 second-round pick

— INCOMING: Giannis Antetokounmpo

OR

— OUTGOING: Karl-Anthony Towns, Josh Hart, Miles McBride, Pacome Dadiet, 2026 top-8 protected WSH first-round pick, 2032 first-round swap, 2032 second-round pick

— INCOMING: Giannis Antetokounmpo, Pat Connaughton

The cleanest path — financially and structurally — is to center a deal around Towns.

Towns is owed $53.1 million next season and $171 million over the next three years, nearly mirroring Antetokounmpo’s $54.1 million salary for 2025–26. That makes him ideal for salary-matching — and gives the Bucks a perennial All-Star and stretch big to anchor a retool.

But Towns alone won’t get it done.

To sweeten the offer, the Knicks can include backup 3-and-D guard Miles McBride, promising second-year forward Pacome Dadiet, and/or rookie point guard Tyler Kolek. New York can also send Washington’s top-eight protected 2026 first-rounder, a pick swap, and any number of its eight second-round picks.

If the Knicks want to acquire a secondary piece like Pat Connaughton from Milwaukee, they could also include Josh Hart — a valuable role player on a team-friendly deal ($60 million over three years) who could start or be flipped again down the line.

Offer 2: The wing-centric trade

Trade framework: Kevin Durant to Phoenix

— OUTGOING: OG Anunoby, Mikal Bridges, Miles McBride, 2032 FRP swap, 2032 second, 2030 FRP swap, 2030 second-round pick, top-8 protected 2026 Wizards FRP

— INCOMING: Giannis Antetokounmpo, Pat Connaughton or Bobby Portis

If the Knicks want to keep the Brunson-Towns duo intact, the next best option is to build a package around “Wingstop” — OG Anunoby and Mikal Bridges — and hope Milwaukee bites.

Anunoby is under contract for three more years at $127.5 million, with a $48.4 million player option in 2028–29. His 15% trade kicker complicates things: the Knicks would pay the bonus, but the Bucks would absorb the elevated cap hit. That means Anunoby’s first-year number in Milwaukee would exceed $46 million — a steep price for a player not expected to be a primary scorer.

Still, Anunoby is only half the deal.

Bridges, up for a four-year, $156.1 million extension, would need to express some interest in re-signing long-term in Milwaukee — but he and Anunoby together form one of the best two-way wing tandems in the league. That pairing, along with reserve guard Miles McBride and a collection of picks, gives the Bucks a viable path forward without completely bottoming out.

The downside? There’s no clear-cut star in the package. And without a major draft haul — the Knicks already spent five firsts on Bridges — it may not be enough to pry Antetokounmpo loose.

Offer 3: The Brunson-centric trade

Trade framework: The vetoed Chris Paul-to-the-Lakers deal

— OUTGOING: Jalen Brunson, Josh Hart, 2032 FRP swap, 2030 FRP swap, 2032 second, 2030 second, Wizards protected 2026 FRP

— INCOMING: Giannis Antetokounmpo

What if the Bucks don’t want either of the Knicks’ elite wings? And what if New York dreams bigger — of building the best four-five punch in all of basketball?

The Knicks could, in theory, trade Jalen Brunson.

It would send shock waves through the city, but it’s not impossible. Brunson’s value has never been higher, and his upcoming four-year, $156.5 million extension is one of the most team-friendly superstar deals in the league — which ironically makes salary matching more difficult.

To make the numbers work, the Knicks would likely have to include Hart’s $20 million salary alongside Brunson’s. From there, they’d need to empty what’s left of their draft coffers: the Wizards’ top-eight protected 2026 first-rounder, their own 2030 and 2032 first-round pick swaps, and a pile of second-rounders.

It’s the boldest move of them all — almost — parting with the face of the franchise to pair Antetokounmpo with Towns. But if the Knicks believe Giannis can be the best player on a championship team, and Towns can be the second, Brunson might be the price of entry.

Offer 4: The nuclear trade

Trade framework: Nets trade Durant to Suns, Irving to Mavericks

— KNICKS RECEIVE: Giannis Antetokounmpo, Jalen Suggs, Mo Wagner, Kentavious Caldwell-Pope, Pat Connaughton

— BUCKS RECEIVE: Karl-Anthony Towns, Mitchell Robinson, Pacome Dadiet, Tyler Kolek 2032 FRP swap, 2032 second-round pick, top-8 protected WSH 2026 FRP, 2030 FRP swap, 2030 2nd, (possible draft compensation via ORL)

— MAGIC RECEIVE: Jalen Brunson, Josh Hart, Miles McBride

What if the Knicks want to blow the whole thing up?

What if they envision a total makeover at Madison Square Garden — with Antetokounmpo as the new face of the franchise and everything else on the table?

It would be an unprecedented swing. The last teams to move two All-Star-caliber players in the same summer — the Thunder (Paul George, Russell Westbrook) and the Nets (Kevin Durant, Kyrie Irving) — immediately launched into full-scale rebuilds. The Knicks, however, are “singularly focused on winning a championship.” So any teardown would be a retool — not a retreat.

And yes, a deal is theoretically possible.

If the Knicks truly want to go all-in on a new identity, they could pursue a trade for a high-end point-of-attack defender — reportedly available in Orlando — along with quality bench depth in exchange for Brunson. That move, coupled with a separate blockbuster for Antetokounmpo, could reshape the Knicks’ timeline around one definitive alpha.

New York could even use assets acquired from a potential Magic trade to help sweeten the offer to Milwaukee — positioning themselves to chase Giannis while building a new version of a contender around him.

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