The trade market for Giannis Antetokounmpo has been slow to take shape, and rival teams say the Milwaukee Bucks’ handling of trade discussions at the February deadline is a primary reason, according to league sources.

During the deadline period, Bucks general manager Jon Horst opened talks to any team willing to make a pitch for the two-time MVP. As the deadline approached, Milwaukee signaled a genuine willingness to deal its most accomplished player in franchise history. Antetokounmpo ultimately remained with the Bucks, fueling skepticism among rivals about the organization’s true intentions.

Several teams now view that process as a fact-finding mission designed to gauge the market ahead of the summer rather than a sincere attempt to complete a trade. Some front offices are now pressing the Bucks to present concrete terms they would accept, rather than engaging in prolonged back-and-forth negotiations.

Teams are wary of surfacing prominent players in trade discussions only to see those relationships strained if a deal falls apart. The reaction of Miami Heat guard Tyler Herro, who unfollowed the Heat on social media amid trade speculation, illustrates the locker-room risk teams are trying to avoid.

Bucks co-owner Jimmy Haslam has set the June 23 NBA draft as his target for resolution. Whether rival teams engage more seriously as that deadline approaches remains the central question surrounding one of the offseason’s most consequential roster decisions.

The Bucks have signaled that they expect to acquire additional draft picks and their evaluation of offers will heavily focus on tradeable first round picks.