Cleveland may have to send their top pick to Minnesota in exchange for the all-star big man.
After LeBron James's return to his home state the Cavaliers are looking to contend for an NBA Championship, and adding Love would make them the most talented team in the Eastern Conference.
The Timberwolves are playing hard-ball, however, refusing to trade the all-star power forward for any package that does not include Wiggins.
According to ESPN, the Cavs are ready to send both Wiggins and 2013 top pick Anthony Bennett to Minnesota for Love, but this really be a wise move for Cleveland?
The reasons for making the trade are obvious. Love is a top-10 player in the league and would complement James perfectly on offense. He is arguably the most skilled big man in the league - his shooting, passing and rebounding are hugely valuable - and Wiggins may never reach his level of talent.
The smart move, however, is for the Cavs to hold on to Wiggins, for now at least.
Wiggins was the top pick in the draft because he has the potential to be one of the league's five best players a few years down the line. He is an elite defender, and although Summer League performances are not much to go on, he has been fantastic in his first games in a Cleveland uniform.
In his finals years in Miami James was relied upon to guard the other team's best player, and occasionally their whole team by himself. That would not be the case in Cleveland, where Wiggins will be able to guard elite wing players from day one.
LeBron will get the best out of the rookie too. Wiggins is not ready to take on much ball-handling on offense but with James and Kyrie Irving taking care of playmaking duties he will just be expected to be a spot-up shooter.
Most importantly, the Cavaliers have plenty of time to wait and see just how well their young team meshes this season. The longer this saga drags on and the closer we come to the trade deadline, the less leverage the Timberolves will have.
If the Cavs get off to a fast start in the regular season they could decide to stand pat, or even better, the Timberwolves could be forced to accept a deal that does not include Wiggins.
A package featuring Bennett, Waiters and a couple of first-round picks could be the best haul Minnesota will get for Wiggins, particularly if the Golden State Warriors refuse to trade Klay Thompson.
The Cavaliers are in a fantastic position with their combination of James and some exciting young prospects who will double as trade assets. By adding the four-time MVP there is instant pressure to win a title straight away, but with some patience they could steal Love, keep Wiggins and make a real run at the NBA Finals this season.