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MIAMI, FLORIDA - MARCH 12: Giannis Antetokounmpo #34 of the Milwaukee Bucks looks on against the Miami Heat during the first quarter at Kaseya Center on March 12, 2026 in Miami, Florida. 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 Tomas Diniz Santos/Getty Images)

The Miami Heat’s long-running pursuit of Giannis Antetokounmpo may have encountered its most significant challenge yet.

NBA insider Marc Stein reported Monday that one league source believes the Boston Celtics emerged from the weekend “with a real shot” at acquiring the two-time MVP from the Milwaukee Bucks.

The update represents a potentially troubling development for Miami, which has spent months aggressively pursuing Antetokounmpo and had long been viewed by many around the league as the logical frontrunner.

“One league source, after my story published, told The Stein Line that the Celtics emerged from the weekend ‘with a real shot’ to win this race with a Jaylen Brown-centric offer,” Stein wrote on X.

The report arrives with Tuesday night’s NBA Draft looming and much of the league still awaiting clarity on Antetokounmpo’s future.

Earlier reporting from Stein indicated that the Heat and Celtics had engaged in the most advanced trade discussions with Milwaukee.

Now, Boston appears to have gained meaningful momentum.

Celtics May Possess Something Miami Cannot Offer

Part of Boston’s apparent rise may stem from the centerpiece of its proposal.

According to HoopsHype’s Michael Scotto, the Bucks are considering keeping Jaylen Brown if he is acquired in an Antetokounmpo deal rather than automatically rerouting him elsewhere for additional draft compensation.

That distinction matters.

Most executives around the league had assumed Milwaukee would initiate a full rebuild if it traded Antetokounmpo. Instead, the reporting indicates the Bucks may be contemplating a more competitive retool.

Brown, 29, remains one of the NBA’s premier two-way wings. The five-time All-Star and 2024 NBA Finals MVP is under contract for approximately $183 million over the next three seasons and would give Milwaukee an accomplished, marketable player capable of helping the franchise remain relevant immediately.

Longtime Heat insider Ira Winderman previously reported that Bucks co-owner Jimmy Haslam wanted a player who could become “the face of their next era” if Antetokounmpo were ultimately moved.

Few available players fit that description better than Brown.

That reality may represent Miami’s biggest obstacle.

Heat’s Offer Remains Strong but Faces New Competition

GettyMTyler Herro of the Miami Heat drives against Jaylen Brown of the Boston Celtics during the fourth quarter of the game at Kaseya Center on April 01, 2026 in Miami, Florida.

The Heat’s trade package is hardly lacking.

Stein previously reported that Miami’s offer is known to feature the No. 13 pick in Tuesday’s draft along with Tyler Herro, Kel’el Ware and Jaime Jaquez Jr. It is also widely presumed that Miami is prepared to surrender additional draft capital and potentially more players to complete a deal.

Herro, 26, earned his first All-Star selection last season and remains one of the NBA’s premier perimeter scorers and shooters.

Ware, 22, emerged as one of basketball’s most promising young centers, while Jaquez, 25, continued his development into a productive two-way wing.

The Heat can also offer the No. 13 pick in what executives widely consider a deep draft.

Yet Boston may possess something Miami does not: an established championship star whom Milwaukee appears genuinely interested in keeping.

Clock Is Ticking on NBA’s Biggest Trade Saga

Another detail from Stein’s report may further complicate matters for Miami.

Previous reporting suggested Boston might need a third team to absorb Brown’s contract and furnish Milwaukee with additional assets.

Stein reported Monday that the Bucks have considered moving forward even without a third-team facilitator.

That possibility simplifies Boston’s path considerably.

For the Heat, the latest developments do not eliminate their chances of landing Antetokounmpo.

Pat Riley and the organization remain in full pursuit of the former MVP.

But as the NBA Draft approaches and the Celtics appear to be gaining traction, the pursuit suddenly looks far less straightforward than it did only days ago.

After months of being viewed as the team to beat, Miami may now find itself confronting a difficult reality:

The Giannis sweepstakes has become a true two-team race.