The person spoke to USA TODAY Sports on condition of anonymity because the announcement has yet to be made public.
Love had a player option for next season worth $16.7 million. By opting out, Love is eligible to sign a deal that would start at $18.9 next season.
He has consistently indicated a desire to return to Cleveland, and could sign for a maximum of five years if he does. But there is doubt around the league that he will return, with many team executives believing a return to Los Angeles with the Lakers is possible.
Love played at UCLA, and his father Stan played for the Lakers from 1971-75.