Love cited his current status with the Timberwolves as the reason he will be unavailable. The three-time All-Star has recently been involved in trade speculation after informing Minnesota he will not re-sign with the team when his contract expires.
The Cleveland Cavaliers, Chicago Bulls and Golden State Warriors have reportedly been the teams with the most interest in landing Love.
"The fact is we can only look to the players we have available," Team USA managing director Jerry Colangelo said. "Our job is to get the job done with our very, very deep roster, and we're anxious to get things started."
The news comes just days before Team USA is set begin training camp for the FIBA World Cup.