Giannis Antetokounmpo Trade Watch: Why the Toronto Raptors Are Suddenly in the Mix

The Toronto Raptors are reportedly eyeing Giannis Antetokounmpo as a trade target. Here’s what we know about the potential blockbuster move.

Jan 6, 2025; Toronto, Ontario, CAN; Milwaukee Bucks forward Giannis Antetokounmpo (34) controls the ball as Toronto Raptors forward Scottie Barnes (4) defends during the third quarter at Scotiabank Arena. Mandatory Credit: Nick Turchiaro-Imagn Images | Nick Turchiaro-Imagn Images

There’s growing reason to believe the Toronto Raptors could be legitimate contenders for Giannis Antetokounmpo if the two-time MVP becomes available this summer.

Toronto is expected to be among the teams looking to make a major move this offseason with hopes of landing a “big fish,” according to ESPN’s Brian Windhorst. Antetokounmpo is believed to be one of the players on the Raptors’ radar as the franchise looks to take a meaningful step forward in a relatively weak Eastern Conference.

According to Doug Smith of the Toronto Star, there is mutual interest between Antetokounmpo and the Raptors. Toronto has been eyeing the Greek superstar for more than a decade, dating back to the 2013 NBA Draft when the front office tried to trade into the first round to select him.

The Raptors have remained focused on Antetokounmpo since he broke into the league, even preserving cap space ahead of the 2020 offseason in anticipation of a potential free agency bid. That plan never materialized as Antetokounmpo re-signed with Milwaukee, but the interest from Toronto never faded.

Now, with the Bucks facing uncertainty after Damian Lillard’s Achilles injury and their championship window closing quickly, the possibility of a blockbuster deal may be closer than ever. It remains unclear whether Milwaukee will seriously entertain trade offers, but if they do, the asking price would be steep.

A potential package from Toronto would almost certainly have to start with Scottie Barnes who is set to begin a five-year rookie max extension next year. Matching salaries could come in the form of RJ Barrett or both of Gradey Dick, Ochai Agbaji depending on the construction of the deal. The Raptors can also offer multiple future first-round picks with their full arsenal of future picks at their disposal. 

Other suitors are expected to enter the mix. The San Antonio Spurs and Houston Rockets have the assets to pursue a star of Antetokounmpo’s caliber and could outbid Toronto if it becomes an open competition.

For the Raptors, the priority would be acquiring Antetokounmpo while retaining enough surrounding talent to remain competitive right away. Barnes and draft capital may be the cost of entry, but Toronto would be betting that a core built around Antetokounmpo, Brandon Ingram, Immanuel Quickley, and a retooled supporting cast could vault the franchise back into contention.

“The odds of doing a Giannis deal are long but the remnants of paying a steep price isn’t too bad,” Smith wrote.

A deal for Antetokounmpo still seems unlikely, but if Toronto is serious about making a major move this summer, going all-in for a generational superstar in his prime is the kind of swing that could dramatically reshape the franchise’s future.