Owens, 35, released by the Dallas Cowboys, isn't considered a good fit in the Ravens' "team-first" philosophy, the source added.
It's likely the Ravens still have bitter feelings toward Owens.
In March 2004, after a paperwork error prevented Owens from becoming an unrestricted free agent, the Ravens traded a second-round pick to the San Francisco 49ers for him. But Owens refused to report for a physical to complete the deal and got the NFL Players Association to file a grievance on his behalf in an attempt to go to the Philadelphia Eagles.
A three-team settlement was reached before the arbitrator could rule on the case, which left the Ravens being compensated with a fifth-round pick.
During yesterday's news conference for center Matt Birk, Ravens general manager Ozzie Newsome said he couldn't comment on Owens because the release had not officially been announced.
Owens caught more touchdown passes than any other NFL wide receiver the past three seasons and was a big part of Tony Romo's emergence from an unknown backup to a starlet-dating Pro Bowl quarterback with a $67 million contract.
Yet the Cowboys went 0-2 in the playoffs with Owens and didn't make it last season.
Owens caught 235 passes for 3,587 yards and 38 touchdowns in 47 regular-season games with Dallas.
The Associated Press contributed to this article.