The availability of Wiggins could lead to a blockbuster trade that could shift the balance of power in the Eastern Conference and the league as a whole.
The two clubs have been engaged in trade discussions since LeBron James announced he was returning to Cleveland last Friday.
But talks stalled because of the Cavaliers' refusal to include the 19-year-old Wiggins in any trade, as sources said the Timberwolves were unwilling to send Love to Cleveland without receiving the former star Kansas guard in return.
Yahoo! Sports reported that James has reached out to Love since the Cavs' change in thinking.
The Cavaliers and new coach David Blatt have stated privately and publicly that they would not deal Wiggins.
"That's why they call them rumors," Blatt said after a 96-90 Cavaliers loss to the Rockets that ended Cleveland's stint at the Las Vegas Summer League on Thursday night. "Sooner or later, in one's career, you're going have to deal with it. So if he has to deal with it now, then so be it. It's the summer league. He's learning everything as he goes along."
Wiggins, who had 21 points on 3-of-5 shooting and five rebounds in the loss, signed autographs after the game but was not made available to the media because of a "league obligation," according to a team official.
"I don't talk to him about any of that stuff, because, for me, it doesn't mean anything," Blatt said. "At least not right now. You know, that's the beauty of these games: There's always something to talk about."
The Cavaliers are in discussions with Wiggins' representatives about signing the rookie. If Cleveland does sign Wiggins, it would have to wait 30 days before trading him.
The Timberwolves are also talking with Golden State about a Love trade. The Warriors have offered All-Star David Lee and Harrison Barnes, but their unwillingness to include Klay Thompson has led to a stalemate, sources said.
Love, a three-time All-Star who will become a free agent after the 2014-15 season, has told the Timberwolves he will not re-sign with them, prompting Minnesota to field trade offers for him.
Sources said Love would sign a long-term contract with Cleveland to play alongside James.
News of the Cavs' change in stance regarding Wiggins in trade talks for Love was first reported by the Lake County News-Herald in Ohio.
Information from ESPN.com's Ethan Sherwood Strauss was used in this report.