NBA insiders believe the Golden State Warriors are the most likely team to have “substantive trade talks” about Miami Heat star Jimmy Butler, according to Marc Stein.

The Warriors are one of the teams Butler is “open to as a destination,” ESPN’s Shams Charania previously reported.

Butler’s agent has indicated he would also be open to joining the Houston Rockets, Dallas Mavericks or Phoenix Suns, according to Charania.

The Rockets and Mavericks have not shown “tangible interest” in making a deal for Butler, Stein reported.

The Suns’ theoretical pursuit of Butler is complicated by the fact that any deal would likely involve Bradley Beal, Stein noted. Beal has more than $110 million remaining on his contract after this season.

The Heat reportedly pursued a trade for Beal during his tenure with the Washington Wizards. Miami later decided to stick with Tyler Herro primarily because the team didn’t want to take on Beal’s supermax contract, Zach Lowe previously reported for ESPN.

Butler, who is owed $48.8 million this season, has a $52.4 million player option for 2025-26.

The Warriors are hard-capped at the first apron. The team will be left just over $330,000 shy of the limit after facilitating a trade for the Brooklyn Nets’ Dennis Schröder on Sunday, according to ESPN’s Charania and Bobby Marks.

That leaves Golden State in need of shedding more than $48 million in order to fit Butler in under the cap. Even if the team sends out Andrew Wiggins, who is owed $26.3 million this season, the Warriors would likely need to add multiple other players to any prospective deal.

Jonathan Kuminga, who has been in and out of the Warriors’ starting lineup so far this season, could be a potential part of a trade given that he is playing on an expiring contract. ESPN’s Brian Windhorst recently reported that Warriors owner Joe Lacob “still has an affinity” for the 22-year-old, but his age and contract status could make him a valuable trade candidate this winter.

Butler is averaging 18.6 points, 5.3 rebounds, 4.8 assists and 1.2 steals through 18 games for the Heat in his age-35 season. The Warriors’ interest in pairing him with Curry and Draymond Green could lead them to consider a deal despite the concerns raised by his injury history and expiring contract.