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The Knicks could trade Karl-Anthony Towns for Giannis Antetokounmpo as NBA rumors heat up.

After a slow start to the NBA playoffs, the New York Knicks have finally found their footing in the postseason. There could be even more good news ahead for the Knicks this offseason.

While the Knicks continue to focus on defeating the Philadelphia 76ers in the playoffs, the front office also has their eyes on potential moves this offseason as NBA rumors are intensifying. The Knicks continue to be linked to Milwaukee Bucks superstar Giannis Antetokounmpo.

New York were the favorites to strike a trade for Antetokounmpo if the Bucks cut ties with the superstar this offseason via trade, per Kalshi’s odds. Kalshi is a predictive market where the odds are determined by people trading positions on future events like a potential Bucks trade.

Over the last 24 hours, the Boston Celtics surged up the odds to take the lead with a 26% chance to land Antetokounmpo, up from 15%. The Knicks are listed in second with a 21% chance to acquire the Bucks superstar.

New York was the favorite in the May 4, 2026, odds, but Boston now leads Knicks by 5%. The Bucks keeping Antetokounmpo still leads the odds at 30%.

Here’s what you need to know about the latest Knicks rumors.

Knicks Rumors: New York Labeled as Giannis Antetokounmpo’s Preferred Trade Team During NBA Season

Antetokounmpo’s three-year, $175 million contract is slated to go through the 2027-28 season. The Bucks star has a $58.4 million cap hit next season, per Spotrac, as well as a player option to forgo the final year of his deal and become a free agent in 2027.

Back in October, ESPN’s Shams Charania reported that the Knicks were the only team, outside of the Bucks, where Antetokounmpo wanted to play. The Knicks and Bucks discussed a potential blockbuster trade, but Milwaukee was underwhelmed by New York’s offer, per Charania.

“Several teams were discussed internally, but one emerged as the only place Antetokounmpo wanted to play outside of Milwaukee: the New York Knicks, multiple sources with direct knowledge of the situation told ESPN,” Charania wrote in an October 7, 2025, story titled, “Why Giannis Antetokounmpo’s future in Milwaukee is far from settled.”

“The Bucks picked up the Knicks’ call on Antetokounmpo, and the sides engaged in conversations for a window of time in August, league sources said, but the teams never got traction on a deal,” Charania added.

“The Bucks insisted to the Knicks that they preferred not to move Antetokounmpo, but those in Milwaukee believe New York did not make a strong enough offer to continue even discussing a trade, league sources said. It’s unclear how the Bucks would have responded to an all-out chase by the Knicks.”

Could the Knicks Trade Karl-Anthony Towns for Bucks Star Giannis Antetokounmpo?

If the Knicks and Bucks do re-engage in potential trade talks, Karl-Anthony Towns would be the prime candidate to get moved for Antetokounmpo. The chances of the Knicks getting aggressive in the Giannis sweepstakes likely depends on how the NBA playoffs shake out.

“With two years remaining on his contract — $57.7 million in 2026-27 with a $61 million player option for 2027-28, according to ESPN’s Bobby Marks — Towns would be the franchise’s biggest trade chip, salary-wise, if the Knicks chose to chase a superstar such as Milwaukee Bucks forward Giannis Antetokounmpo,” ESPN’s Vincent Goodwill detailed in an April 23, article titled, “NBA playoffs 2026: Karl-Anthony Towns, Knicks face major stakes.”

“… Last summer, the Bucks and Knicks entered into an exclusive negotiating period centered around Antetokounmpo, league sources told ESPN’s Shams Charania in October. With the tumultuous season Milwaukee had this year, many around the league foresee more exploration of the two-time MVPs future, especially because he can sign an extension in the fall.”