Updated March 24, 2026, 10:04 p.m. CT

With team insiders citing a “patient” approach, the Houston Rockets didn’t pursue a trade for Milwaukee Bucks star Giannis Antetokounmpo at the NBA’s in-season deadline in February.

But that doesn’t preclude the possibility in the upcoming 2026 offseason.

Chris Mannix of Sports Illustrated (SI) — who got to know Rockets head coach Ime Udoka during his time coaching the Boston Celtics, where Mannix is based — seemingly expects Houston’s approach to change in a few months.

On Tuesday’s episode of Open Floor: SI’s NBA Show, Mannix said:

I believe the Rockets are going to try to make a run at Giannis Antetokounmpo in the offseason, so that looms. But I don’t believe the results of this year will result in them blowing it up.

Need a news break? Check out the all new PLAY hub with puzzles, games and more!

The complete episode can be viewed below, with the Rockets-specific discussion in the final minutes.

There is precedent for the Rockets, under general manager Rafael Stone, pursuing a trade target in the offseason who they didn’t pursue at the February deadline.

In February 2025, the Rockets didn’t pursue a trade with the Suns for Kevin Durant, who was clearly on the market at that time. In June, Houston and Phoenix struck the deal.

There were and are a multitude of reasons for a team’s internal calculus to potentially change within those months. In the case of Durant, the Rockets factored in data from the ensuing playoff run, which featured an underwhelming performance from Jalen Green (a key piece of the eventual Durant trade).

It’s also possible that by waiting until Durant was within one season of his next potential free agency, the Suns had less leverage and were in a worse negotiating position.

Similarly, this offseason, Antetokounmpo will be within one year of his 2027 player option to enter free agency. Perhaps that reduces Milwaukee’s market leverage, as it seemingly did for Phoenix with Durant.

Or, depending on which reports you believe, maybe Antetokounmpo wasn’t truly available at the February 2026 deadline. In that case, there wouldn’t have been any bidding for Houston to be involved with. Perhaps the Bucks have a change of heart, once their perennial All-Star and two-time Most Valuable Player (MVP) is within a year of potentially being able to leave for no compensation.

There are factors from the Houston side that could change, as well. Veteran guard Fred VanVleet had a no-trade clause this season, but that won’t be the case in 2026-27, assuming he picks up his player option (considered likely, given his ACL tear). Perhaps a young prospect such as Alperen Sengun underwhelms late in the regular season or the playoffs and falls out of favor, the way Green did a season ago.

The combined 2026-27 salaries of Sengun and VanVleet are approximately $60 million, almost perfect for trade matching purposes with Antetokounmpo ($58.5 million next season). Hypothetically, Antetokounmpo and rising star Reed Sheppard could be drop-in replacements for Houston’s projected 2026-27 lineup.

Relative to February 2026, it’s also worth remembering that Houston was hard-capped at the salary cap’s first-apron threshold, which won’t be the case when the 2026-27 fiscal year starts in July.

That first-apron hard cap makes aggregating salaries for a highly paid player difficult, since the team’s resources are very limited when it comes to backfilling required roster spots. In contrast, there will be many more options available for a summer Rockets-Bucks deal.

Even so, a trade remains unlikely. For starters, Antetokounmpo would have to want to play for the Rockets, since Houston certainly wouldn’t surrender significant assets for a player who might leave for no compensation in a year.

And even if the “Greek Freak” is open to joining forces with Durant in Houston, there are several more questions. What other teams would he also be willing to go to, and how would those potential offers stack up, in the eyes of Milwaukee?

Does Bucks general manager Jon Horst have any clear likes or dislikes, among Houston’s current players?

And could Horst and Stone ultimately reach an agreement on appropriate compensation beyond the salary components, i.e. other young players and/or future draft assets?

Antetokounmpo is still a superstar-level player, having averaged 27.6 points (62.4% FG), 9.8 rebounds, and 5.4 assists per game this season. But he’s 31 years old and has missed more than 30 games due to injury, which complicates future projections and valuations.

As of now, Sengun — a two-time All-Star — isn’t at that level of on-court success. Then again, he’s only 23, which could appeal to a Milwaukee team that would likely want youth and upside in any trade sending out a veteran superstar.

Of course, that longer time window undoubtedly appeals to Stone and the Rockets, as well.

The sheer volume of questions and variables inherently makes an Antetokounmpo-to-Houston trade unlikely. But as Mannix alludes to, the fact that it wasn’t in play in February doesn’t mean that it can’t be in June or July.

More: ESPN: Rockets won’t pursue Giannis Antetokounmpo trade with Bucks