Jan. 28, 2026, 9:23 a.m. CT

Before they acquired Kevin Durant in the 2025 offseason, reports emerged that the Houston Rockets had potential trade interest in Bucks star Giannis Antetokounmpo.

But it seems the two-time NBA Most Valuable Player (MVP) didn’t formally ask for a deal at that time, and Milwaukee rebuffed all inquiries.

Months later, in the days leading up to the Feb. 5, in-season trade deadline, talks of a split between the Bucks and Antetokounmpo are starting up again. With Milwaukee at 18-27 and on the outside of the current Eastern Conference playoff picture, that might further incentivize the Bucks to explore a rebuild.

But these days, it doesn’t appear the Rockets will be an aggressive suitor. Via Tim MacMahon on ESPN’s The Hoop Collective podcast:

I know Perk (Kendrick Perkins) was on TV on Tuesday talking about Giannis to Houston. I’m just telling you, that is not in play.

I did check in. This has been the Rockets’ patient approach, and they’ve been sticking with it. Even the KD trade wasn’t a departure from that, because they waited until the price was low. They didn’t have to shorten their runway.

But I checked in and said, ‘Any budging?’ I got a four-word response, ‘As patient as ever.’ So, don’t hold your breath.

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From a Houston perspective, the biggest roadblock is likely age.

Antetokounmpo is now 31 years old, yet because of his continued All-Star productivity, the Bucks would likely have the leverage to command both future draft equity and at least one top young prospect in a deal.

The top prospects on the current Rockets are widely viewed as Amen Thompson and Alperen Sengun, who are 22 and 23 years old, respectively. As such, trading either as part of a deal for a 31-year-old could significantly shorten Houston’s window of title contention.

There is also the possibility, if not a likelihood, that both Thompson and Sengun will continue to improve in the months and years ahead. At 31, the same is unlikely to be the case with Antetokounmpo.

So, if the Rockets are winning at a high enough level — at the moment, they are 28-16 and one game back in the loss column for the No. 2 spot in the West standings — the smart play for general manager Rafael Stone is likely to err on the side of youth and upside.

While Stone did trade for Durant, the only young prospect that went out in the deal was Jalen Green, who isn’t viewed as being in the same tier as Sengun or Thompson. Because Durant is 37 and was entering the final year of his previous contract, the Phoenix Suns had significantly less negotiating leverage than Milwaukee does. Thus, the Rockets were able to acquire Durant at a relatively inexpensive cost.

In contrast, the market for Antetokounmpo is likely to be much more friendly to the seller. And if the Rockets are succeeding with Thompson and Sengun to the extent they are in 2025-26, it likely doesn’t make sense for Houston to be the most aggressive buyer.

Should those results change, or if Milwaukee drops its asking price, it’s always possible that Stone and the Rockets could reach a different conclusion down the road. But that’s unlikely to occur by the Feb. 5 in-season deadline, which is only eight days away.

More: Rockets GM Rafael Stone: Bucks were ‘very clear’ that a big trade wasn’t happening