Appearing on SiriusXM NFL Radio with Alex Marvez and Charles Davis, Caldwell called reports that a deal is imminent "erroneous" and the team is working with Ngakoue's camp to find a resolution to their situation:
There have been conflicting reports about a potential trade involving Ngakoue.
The Athletic's Michael Lombardi reported Wednesday that Jacksonville is "extremely close" to trading Ngakou, with a "firm offer in place" from an unnamed team.
However, NFL Network's Ian Rapoport reported "no trade is imminent or close" and "several of the teams that are reported to be involved, including the Jets, are not actually involved."
The Jaguars placed the one-year franchise tender worth $17.8 million on Ngakoue in March. He has yet to sign the deal and said on ESPN's NFL Live in April it is "time to move on" and he hopes to join a team with a "great culture."
Ngakoue, 25, was a Pro Bowl selection in 2017. He has recorded 85 quarterback hits and 37.5 sacks in 63 career games since 2016.