The two sides are not close to a new contract with training camp set to begin Sept.12, according to The Athletic's Joe Smith.
The 23-year-old broke out last season - the last on his entry-level contract - setting career highs with 41 goals and 51 assists for 92 points in 79 contests.
Point was also a vital piece of the Lightning's juggernaut power play, leading the NHL with 20 goals on the man advantage.
Since being selected by Tampa Bay in the third round at the 2013 draft, Point has tallied 91 goals and 198 points in 227 contests.
The Alberta native is one of the many blue-chip talents who remain unsigned across the NHL.