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MILWAUKEE, WISCONSIN - JANUARY 23: Giannis Antetokounmpo #34 of the Milwaukee Bucks is defended by Bam Adebayo #13 of the Miami Heat during a game at Fiserv Forum on January 23, 2025 in Milwaukee, Wisconsin. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Stacy Revere/Getty Images)

The Miami Heat’s long-running pursuit of Giannis Antetokounmpo appears to have evolved into three distinct trade frameworks.

According to HoopsHype’s Michael Scotto, Miami has maintained the league’s most consistent interest in acquiring the two-time MVP and has explored several versions of a package centered around 2025 All-Star Tyler Herro, rookie center Kel’el Ware, Sixth Man of the Year runner-up Jaime Jaquez Jr. and first-round draft compensation.

The variables, according to Scotto, have been 23-year-old forward Nikola Jovic, 20-year-old rookie guard Kasparas Jakucionis and 25-year-old wing Pelle Larsson.

“It’s worth noting that Nikola Jovic, Kasparas Jakucionis and Pelle Larsson have each come up in different iterations of the Antetokounmpo trade talks,” Scotto wrote Saturday.

The report offers the clearest picture yet of how Heat president Pat Riley may be attempting to satisfy Milwaukee’s demands while preserving enough talent around Antetokounmpo to remain a championship contender.

Iteration No. 1: Nikola Jovic Adds Size and Offensive Upside

GettyNikola Jovic of the Miami Heat drives against Onyeka Okongwu of the Atlanta Hawks during the first quarter at State Farm Arena on December 26, 2025 in Atlanta, Georgia.

Jovic may represent Miami’s highest-upside sweetener.

The 23-year-old forward appeared in 47 games during the 2025-26 season and averaged 7.3 points, 3.3 rebounds and 2.2 assists in 17.2 minutes per game.

At 6-foot-10, Jovic remains one of Miami’s most intriguing developmental pieces because of his ability to handle the ball, facilitate offense and play multiple frontcourt positions.

For Milwaukee, Jovic would represent a young player with offensive versatility and years of team control if the franchise ultimately pivots toward a younger roster.

For Miami, however, including him would mean surrendering perhaps its most fascinating long-term project.

Iteration No. 2: Kasparas Jakucionis Offers Youth and Playmaking

Jakucionis brings a different type of appeal.

The 20-year-old rookie appeared in 53 games during the 2025-26 season and averaged 6.2 points, 2.6 rebounds and 2.6 assists while shooting 42.9% from the field and better than 42% from three-point range in 17.8 minutes per game.

Although still early in his NBA career, Jakucionis demonstrated advanced feel as a pick-and-roll playmaker and enough perimeter shooting to contribute immediately off the bench.

At his age and on a cost-controlled rookie contract, he could appeal to Milwaukee as a developmental guard capable of growing into a larger role.

Including Jakucionis would also allow Miami to preserve some of its established rotational pieces while still presenting the Bucks with another attractive young asset.

Iteration No. 3: Heat’s Breakout Player Pelle Larsson Provides Immediate Rotation Help

Larsson may possess the lowest profile of the three names, but he arguably offers the highest floor.

The 25-year-old wing appeared in 70 games, including 54 starts, and averaged 11.4 points, 3.5 rebounds and 3.4 assists while shooting 49.6% from the field in 26.4 minutes per contest.

Larsson carved out a meaningful role through his defensive activity, toughness and willingness to embrace complementary responsibilities. He also demonstrated an ability to handle secondary playmaking duties and defend multiple positions.

For Milwaukee, Larsson projects less as a developmental bet and more as a plug-and-play rotation player capable of helping immediately.

His inclusion would likely be the least painful for Miami, but it would still require parting with one of the team’s pleasant surprises from last season.

Tyler Herro, Kel’el Ware and Jaime Jaquez Jr. Remain Heat’s Constants

The one consistent theme across every reported framework is the price of pursuing Antetokounmpo.

Herro remains the headliner after earning his first All-Star selection in 2025. Ware has emerged as one of the NBA’s most promising young centers, while Jaquez finished as the runner-up for Sixth Man of the Year.

Together, they represent much of Miami’s next generation.

Yet opportunities to acquire a player of Antetokounmpo’s caliber are exceedingly rare.

Scotto also reported that much of the league hopes the Antetokounmpo situation is resolved before Tuesday’s NBA Draft so teams can proceed with other offseason business accordingly.

For now, one thing has become increasingly clear: Miami is not merely exploring a Giannis trade. The Heat appear to have multiple versions of an offer prepared, each featuring a different combination of young talent designed to appeal to Milwaukee.

Whether one of those iterations is enough to satisfy the Bucks remains the unanswered question.

The answer could arrive between now and Tuesday’s NBA Draft. Or negotiations surrounding one of the NBA’s biggest offseason storylines could continue to drag deeper into the summer.