The Bucks tied the series 2-2 with a 107-96 victory Sunday over the Nets in Game 4.
With the uncertain status of the two Nets stars, sportsbooks have made Milwaukee the favorite to win the series.
But the Nets remain the favorite to win the Eastern Conference and NBA championship.
“The philosophy is if they can overcome the injuries in the short term against the Bucks, they will be well-placed long term to win the conference and championship,” Jason Scott, vice president of trading for BetMGM, told ESPN.
Nets coach Steve Nash said after Sunday’s game that X-rays on Irving’s ankle were negative, but the star guard’s availability for Tuesday’s Game 5 is uncertain.