Brooklyn Nets center Mason Plumlee also will be a part of the competition, sources told Yahoo Sports. Another strong possibility for the competition is Minnesota Timberwolves rookie Zach LaVine, sources said.
The dunk contest is set as the final event of All-Star Saturday night on Feb. 14 at the Barclays Center in New York.
The All-Star game is Feb. 15 at Madison Square Garden.
Antetokounmpo and Oladipo have emerged as the two most dynamic players from the 2013 draft class and separated themselves with their ability to play above the rim.
Antetokounmpo, known as the "Greek Freak," is 6-foot-11 with long arms and massive hands, and has built a cult following for the Elastic Man quality to his dunks. Oladipo has been fast developing as a star for the Magic, and LaVine, 19, has a 44-inch vertical leap.
Plumlee high-jumped 6-8 in high school and was the runner-up in the McDonald's High School All-American game dunk contest.
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