New Report Suggests Steep Asking Price for Pelicans' Trey Murphy III

New Orleans reportedly wants a king's random for their elite young player.

Jan 11, 2026; Orlando, Florida, USA; New Orleans Pelicans forward Trey Murphy III (25) warms up before the game against the Orlando Magic at Kia Center. Mandatory Credit: Mike Watters-Imagn Images | Mike Watters-Imagn Images

As the February 5 NBA trade deadline approaches, the New Orleans Pelicans have made one thing clear: if you want Trey Murphy III, you have to pay a king’s ransom. Despite some reports suggesting the Pelicans are saying no to all offers, a new report signals New Orleans has at least a baseline request for what it would take to acquire Murphy III. The Golden State Warriors and Los Angeles Lakers were teams reportedly eyeing the young 25-year-old.

ClutchPoints' Brett Siegel recently revealed that the Pelicans’ price for the former Virginia standout is steep. “There are several teams around the league interested in both Murphy and Jones despite the Pelicans continuing to signal that they don't want to trade either player”, Siegel writes. “Still, league executives insist this is due to the Pelicans not receiving enough value and the asking price they have set for both players: two first-round picks for Jones and three first-round picks for Murphy, plus additional assets in the form of young talent.”

The Pelicans All-Time 3PT leader:

Trey Murphy III, one of one. pic.twitter.com/QJf8M2uZb9

— New Orleans Pelicans (@PelicansNBA) January 4, 2026

Pelicans Will Likely Hold Onto Trey Murphy Long-Term

Despite New Orleans' Western Conference-worst 9-32 record on the season, Murphy is continuing to be a bright spot with his play as of late. The former first-round pick scored more than 20 points in six of his last seven appearances dating back to Dec. 27, averaging 26.4 points, 6.6 rebounds, 3.7 assists, and 0.9 steals over that stretch. That includes a career-high 42 points in a loss to the Lakers last week, hitting seven threes in that game. During that span, the sharpshooter became the franchise's leader in three-point makes.

Murphy III is currently in the first season of a four-year, $112 million extension signed in late 2024. In a league where max contracts are soaring past $50 million annually, Murphy’s average salary of $28 million is viewed as an elite value for a two-way wing. He is under contract through the 2028-29 season, with no player options, giving the Pelicans some control over its duration. A rival team would value the team-friendly deal, while salivating at the prospect of Murphy III’s continued upward trajectory in this league.

New Orleans would also do well to consider restocking their future draft capital. The Pelicans do not own their first-round pick next season as a result of the draft-night acquisition of Derik Queen. Siegel also mentioned in his article that the Pelicans were looking to get a pick in next year’s draft. “The Pelicans are said to be searching for a way to add a 2026 first-round pick and have been communicating with playoff teams expected to land in the 20-30 region of the draft.” New Orleans expects to have a lottery pick next season, which will have to be handed over to the Atlanta Hawks.

The Pelicans don’t have to make a move at the deadline, with NBA insider Chris Haynes citing the team will probably stand pat past February 5th. New Orleans could use a wait-and-see approach to its rookie class, with Murphy a key piece moving forward as it cultivates a solid nucleus.