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NEW ORLEANS, LOUISIANA - MARCH 28: Stephen Curry #99 of the Golden State Warriors reacts to a call during the third quarter of an NBA game against the New Orleans Pelicans at Smoothie King Center on March 28, 2025 in New Orleans, Louisiana. 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 Sean Gardner/Getty Images)

The Golden State Warriors have spent months searching for another high-level wing to maximize Stephen Curry’s championship window.

Trey Murphy III has consistently been near the top of that wish list.

The latest update, however, suggests Golden State may have to keep looking.

NBA insiders Marc Stein and Jake Fischer reported Friday that the New Orleans Pelicans have consistently rejected offers for Murphy despite widespread league interest, reinforcing how difficult it will be for the Warriors to acquire one of their preferred trade targets.

Pelicans Continue Rejecting Trey Murphy III Offers

GettyNew Orleans Pelicans forward Trey Murphy III shoots the ball.

Stein and Fischer reported in The Stein Line that the Pelicans have been inaccurately portrayed as a team aggressively shopping Murphy and fellow forward Herb Jones.

Instead, league sources told the insiders that New Orleans has simply remained willing to listen to offers without showing much interest in moving either player.

“Boston is also mentioned often when the subject turns to Trey Murphy III suitors,” Stein and Fischer wrote.

“But sources we’ve consulted have been consistent in conveying that the Pelicans have been mischaracterized as a team shopping Murphy and Herb Jones.”

The insiders added that while New Orleans has entertained calls, it has rejected every proposal.

“Willing to listen to offers for their two in-demand swingmen? True. Turning down all those offers to date? Also true.”

Warriors Made Serious Push Before Draft

Golden State’s pursuit went beyond routine due diligence.

Before the NBA Draft, HoopsHype’s Michael Scotto reported that the Warriors discussed trade concepts involving the No. 11 overall pick in conversations with New Orleans centered on Murphy.

Those discussions built on Golden State’s longstanding interest in the 25-year-old wing, who will enter the second year of a team-friendly four-year, $112 million contract.

Prior to last season’s trade deadline, multiple reports indicated the Warriors offered packages centered around Jonathan Kuminga and future first-round picks, only for the Pelicans to decline.

Stein and Fischer’s latest reporting suggests New Orleans’ stance has remained unchanged.

Pelicans Wouldn’t Sacrifice Murphy

According to Stein and Fischer, New Orleans hoped to move into the top 10 of this week’s NBA Draft but refused to include Murphy or Herb Jones unless the return also featured multiple future first-round picks.

That asking price proved prohibitive.

Rather than part with either cornerstone wing, the Pelicans stayed put and made only one selection during the two-day draft, selecting SMU guard Jaron Pierre Jr. with the No. 58 overall pick.

The decision underscored just how highly New Orleans values Murphy despite persistent trade speculation.

Warriors Pivoted to Yaxel Lendeborg

Unable to pry Murphy away, the Warriors ultimately kept the No. 11 overall pick.

Golden State selected Michigan forward Yaxel Lendeborg, widely regarded as one of the most NBA-ready prospects in the 2026 draft class.

The versatile forward fits exactly what general manager Mike Dunleavy Jr. prioritized throughout the pre-draft process: a player capable of contributing immediately while complementing Curry, Jimmy Butler and Draymond Green.

Lendeborg’s rebounding, playmaking, defensive versatility and mature all-around game made him one of the safest win-now selections available in the lottery.

Warriors Still Have Assets, but at a Cost

Golden State still possesses enough draft capital to construct a compelling offer should trade talks ever resume.

Under NBA trade rules, the Warriors can currently trade first-round picks in 2028, 2030 (if the selection falls outside its protected range) and 2032, while also including first-round pick swaps in every eligible draft.

Even so, league sources have consistently indicated Golden State is reluctant to exhaust that collection of future assets for Murphy alone.

Stein and Fischer’s latest reporting helps explain why discussions have failed to gain traction.

The Pelicans remain willing to answer the phone, but after rejecting every offer to date—even while attempting to move into the top 10 of the draft—they have made it clear that they will only trade Murphy for an overwhelming package.

Unless New Orleans lowers its asking price or the Warriors become more aggressive with their future draft assets, one of Golden State’s favorite trade targets appears likely to remain in New Orleans.