MIAMI — The speculation has turned to substance when it comes to a competing bid for Giannis Antetokounmpo, with the Miami Heat again facing the prospect of being bested by the Boston Celtics.

After weeks of such conjecture, multiple outlets as well as the South Florida Sun Sentinel sources now say that Celtics’ forward Jaylen Brown is on the table to trade talks, with the notion of adding more than draft capital as a Milwaukee Bucks focus.

The Heat are believed to have a standing offer of guard Tyler Herro and center Kel’el Ware, as well as developmental prospects and draft capital on the table.

Such a bid headlined by Herro, however, would fall short in terms of star power when it comes to the Celtics potentially moving on from Brown.

For weeks, the speculation had been that the Bucks would in turn flip Brown for younger assets and additional draft capital. Now that no longer appears to be the Milwaukee approach.

ESPN reported at midday Monday that an Antetokounmpo deal would be completed within the next day. The report said the Heat and Celtics are the only two teams that have received commitments that Antetokounmpo would extend with them if acquired.

“The Bucks are trying to navigate internally, which direction do we go?” ESPN’s Shams Charania reported.

While Antetokounmpo has been linked to interest in the Heat, he also has been open to a move to the Celtics, who would stand as more of a contender with Antetokounmpo’s presence than necessarily the Heat.

Being weighed by the Bucks is a win-now package highlighted by the Celtics’ Brown, or the more future-driven package offered by the Heat.

Against all the latest speculation is Tuesday night’s first round of the NBA draft, the soft deadline set by Bucks co-owner Jimmy Haslam if there is to be an Antetokounmpo trade.

The Bucks nearly dealt Antetokounmpo to the Heat at February’s NBA trade deadline, with a similar package as the current bid offered by the Heat at that juncture.

The difference is since the trade deadline, the Heat missed the playoffs for the first time in seven years, instead winding up with the No. 13 pick on Tuesday night. That additional trade chip was viewed as an element potentially pushing a Heat bid past the Bucks’ finish line.

Having previously downplayed the Celtics element, ESPN’s Brian Windhorst said on Monday’s “Get Up” show, “Jaylen Brown is on the table, and Jaylen Brown could get traded for Giannis Antetokounmpo in the short-term future.”

Previously, on his Hoop Collective podcast, Windhorst said, “Miami has their number 13 pick on offer. It’s on offer for Giannis, but it doesn’t mean that it will end up going to Milwaukee.”

Longtime NBA writer Marc Stein added to the equation on Monday morning, “The Celtics emerged from the weekend with a real shot in their battle with Miami to win the trade race to acquire Giannis Antetokounmpo, according to a league source.”

The author of the Stein Line substack later posted, “If the Bucks indeed choose Boston’s offer over Miami’s, sources say now, Milwaukee ownership’s insistence on getting a bonafide star back for Giannis would be among the deciding factors.”

An NBA source told the Sun Sentinel that adding a star player in return for Antetokounmpo stands high on Haslam’s wish list, in hopes of keeping the Bucks relevant.

Because of that, ESPN on Monday morning reported that any Antetokounmpo trade by the Bucks could be as basic as a two-team deal.

In addition, in his draft preview, ESPN’s Jeremy Woo posted Monday, “Whatever Miami winds up doing, rival teams believe the pick could still change hands, with the Heat said to be monitoring other contingencies to improve if they are unable to strike a deal with Milwaukee.”

The predictive markets, such as Kalshi and Polymarket, swung heavily in favor of the Celtics in trading on Monday morning.

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