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Milwaukee Bucks star Giannis Antetokounmpo drives against Los Angeles Lakers defenders Austin Reaves and LeBron James during a game.

The Los Angeles Lakers are expected to pursue Giannis Antetokounmpo without including one of their most valuable young pieces.

According to ESPN insider Shams Charania, the Lakers are not expected to pursue a sign-and-trade involving Austin Reaves in any potential deal for the Milwaukee Bucks superstar, instead structuring a package centered on cap space and draft capital.

“The Lakers expressed interest in Giannis at the deadline,” Charania said on The Rich Eisen Show. “Right now, what they’ll be able to offer is three first-round picks and cap space (to) essentially absorb Giannis’ contract.”

Lakers Giannis Trade Package Centers on Picks, Cap Space

The framework reflects the limitations — and newfound flexibility — of the Lakers’ roster.

Under NBA rules, Los Angeles can offer three tradeable first-round picks: the No. 25 overall selection in the 2026 draft, along with future picks in 2031 and 2033. The Stepien rule prevents the franchise from including additional consecutive future picks.

Charania questioned whether that offer would be enough to land a player of Antetokounmpo’s caliber.

“Now, if you’re the Bucks, are you just going to trade Giannis to the Lakers for cap space (and) three first-round picks?” he said. “My sense is they’re going to get better in the marketplace than that.”

With multiple teams expected to enter the bidding, Milwaukee is widely projected to pursue a package centered on elite young talent — something the Lakers may struggle to match.

Austin Reaves Expected to Stay Central to Lakers Plans

The decision to keep Reaves out of trade talks signals the Lakers’ long-term vision.

Reaves, who is expected to decline his $14.9 million player option before June 29, has emerged as a core piece in Los Angeles’ future. The guard is widely projected to command a significant new contract after outplaying his previous deal.

Under NBA rules, only the Lakers can offer Reaves a five-year maximum deal, which is projected to be worth $240.7 million, according to Bleacher Report’s Dan Favale.

Other teams are capped at four years and $178.5 million, while a four-year max from Los Angeles would reach $185.9 million — still the highest possible total.

Before suffering a calf injury on Christmas, Reaves was averaging 26.6 points, 6.3 assists and shooting over 50% from the field.

Lakers president Rob Pelinka has made the organization’s stance clear.

“He started his journey here as a Laker and has made it very clear to us that he wants his journey to continue as a Laker,” Pelinka said during his end-of-the-season presser. “Both sides have made it abundantly clear that we want to work something out.”

Luka Dončić Reportedly Prefers Reaves to Stay

Internal preference may also play a role in the Lakers’ approach.

Luka Dončić has reportedly indicated he would not want Reaves included in any potential trade package for Antetokounmpo, according to The Athletic.

Dončić is said to favor a roster construction that includes both himself and Reaves alongside any incoming star, highlighting the guard’s growing importance within the organization.

That alignment further reduces the likelihood of a sign-and-trade scenario involving Reaves.

Lakers Cap Space Could Shape Giannis Pursuit

The Lakers’ alternative pathway hinges on financial flexibility.

According to ESPN front office insider Bobby Marks, Los Angeles could generate significant cap space — potentially approaching $50 million — even after re-signing Reaves, but only through difficult roster decisions involving moving on from LeBron James.

That cap space, combined with draft assets, would allow the Lakers to absorb Antetokounmpo’s contract without requiring a star-for-star swap.

Giannis Decision Timeline Looms for Lakers, Bucks

The timing of any move may ultimately depend on Antetokounmpo himself.

Milwaukee is expected to seek clarity on whether the two-time MVP is willing to sign a long-term extension. If not, the Bucks could explore trade scenarios rather than risk losing him in free agency.

Charania indicated that the situation could develop quickly.

“We’ll know in the next six weeks,” he said.

For the Lakers, the strategy is becoming clearer: keep Reaves, preserve flexibility and make a competitive — if not overwhelming — offer.

Whether that approach is enough to land one of the NBA’s biggest stars remains to be seen.