While many around the league view the San Antonio Spurs as a potential front-runner should the Milwaukee Bucks widen the market for Giannis Antetokounmpo, NBA insider Jake Fischer is urging caution. Despite San Antonio’s assets and long-term vision, Fischer reported the Spurs may not be the automatic destination they’ve been framed as if Milwaukee is ever forced into trade discussions.
“The Spurs, though, might not be the automatic Giannis destination they are routinely painted to be,” Fischer wrote for The Stein Line.
GettyDylan Harper of the San Antonio Spurs celebrates after scoring against the Brooklyn Nets.
He added that the organization was “unwilling to surrender the No. 2 overall pick that became Dylan Harper” during the offseason when inquiries circulated. Fischer reported the Spurs were also “equally against parting with Stephon Castle — even for Giannis.”
According to Fischer, the Spurs have given little indication that they are more open today to including their young core in potential discussions.
Spurs and Knicks Expected to Aggressively Pursue — If Opportunity Exists
Earlier this week, the Dallas Hoops Journal reported that the Spurs — alongside the New York Knicks — are positioned to “aggressively pursue” Antetokounmpo if he signals the desire for a move. However, San Antonio’s restraint has become part of its long-term identity.
The Spurs’ blueprint has always been tied to pairing Victor Wembanyama with another generational star, not necessarily the most available one.
According to multiple reports, San Antonio notably stood pat when Kevin Durant became available this summer, resisting pressure to use its assets in pursuit of the veteran scorer. Durant is seven years older than Antetokounmpo, making the Bucks superstar a far better match for the team’s timeline and Wembanyama’s development arc.
The Spurs’ approach has remained consistent — maintain flexibility, avoid short-term answers, and strike only if the long-term fit is undeniable.
Spurs’ Draft Capital and Cap Flexibility Keep Them in the Conversation
Salary-cap expert Yossi Gozlan of The Third Apron noted in August that if Antetokounmpo were to become available, San Antonio is one of the few teams equipped to make an offer without compromising its financial structure or young core.
Gozlan explained the Spurs can trade up to four future first-round picks, along with multiple swap rights with Boston and the better of Dallas or Minnesota — a rare combination of control and leverage.
“The Spurs are well below the first apron, so they can use the 125% expanded trade exception to acquire Antetokounmpo,” Gozlan wrote. “They’d only need to send out $43.1 million to acquire his $54.1 million salary. Players like Devin Vassell, Harrison Barnes, and Keldon Johnson could help make up that amount.”
The scenario positions San Antonio as a formidable dark horse, even if reluctance around Harper and Castle clouds just how far the organization is willing to go.
Giannis’ Conversations With Bucks and Calf Injury Fuel Speculation
Trade speculation escalated Wednesday after ESPN’s Shams Charania reported that Antetokounmpo and agent Alex Saratsis have opened discussions with Bucks leadership about the future direction of the franchise amid a difficult 9–13 start.
“A resolution is expected in the coming weeks,” Charania wrote on X.
Hours later, Antetokounmpo suffered a calf strain expected to sideline him two to four weeks, just as speculation around his future reached its peak. The Bucks rallied to defeat the first-place Detroit Pistons 113–109, but the victory did little to quiet the league’s questions.
Knicks Had Exclusive Window — But Market Could Expand
Charania later added that New York emerged as the lone destination Antetokounmpo was open to outside Milwaukee during an exclusive two-week negotiating window, though no deal materialized.
“If this does end up going down the path where a trade is explored in-season, it is expected to involve far more teams than just the Knicks,” Charania reported on NBA Today.
San Antonio may remain one of them — but not at any cost, according to Fischer’s reporting.
If Antetokounmpo ever asks out, the Spurs will be in the conversation. Whether they’ll be at the front of it depends on how much they are truly willing to give up.
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