The power forward, who can become a free agent after next season, averaged 26.1 points per game during the 2013-14 season.
The team's owner told the Pioneer Press: "I should never say never because who knows what might come up? But that's not our plan.
"I'm not in a position where you would say absolutely I wouldn't do it, because what if something that I can't even speculate [on] happens? You'd say, 'You're nuts, Glen'. Maybe some team puts a value on him that's different than we suspect.
"At this point, we're not talking to any teams. I haven't heard from Kevin or his agents or anything like that. We're assuming that Kevin will be here next season, and we're working with that scenario. This isn't the time for us to do anything but to prepare for next year."
The Los Angeles Lakers, New York Knicks, Phoenix Suns and Boston Celtics have all been linked to Love.