The Cats have shown interest in the former No.1 draft pick and have been thought to be a serious challenge to favourites Port to sign Watts.
However, Wells says after speaking to Melbourne, a deal is “unlikely”.
“It’s good that Jack has some interest in Geelong and we are certainly interested in him, but we haven’t committed yet,” Wells told AFL Trade Radio on Wednesday afternoon.
“We are unlikely to be able to do a deal for Jack to come to Geelong. We haven’t offered Jack a contract. We don’t like to commit to a player unless we think we can get the deal done, but that doesn’t mean something won’t change in that regard in the next week or so.”
Wells also provided an update on Geelong’s pursuit of Gary Ablett, explaining there is still some work to be done, confirming despite the Suns’ queries, Mitch Duncan, Nakia Cockatoo or Jake Kolodjashnij will not be part of any deal for the former Cats champion.
“We’ve got our limits on how far we’re willing to go on this deal, and we’ve expressed them to the Suns. We’re a little bit apart with the Suns right now, but we’re heading in the right direction,” Wells said.
Meanwhile, Wells also explained that out-of-contract players, Darcy Lang and Daniel Menzel, who are both currently exploring their options, will be Geelong payers in 2018 if they are unable to find new homes this trade period.