"The only things we're unable to agree on are term and price -- other than that we have a deal," Treliving jokingly told the paper.
"We're talking. I think he's sincere he would come back but it's got to be something that works for everybody."
Cammalleri, 32, is coming off a five-year, $30 million contract he originally signed with the Montreal Canadiens.
It's believed Cammalleri could sign for closer to $6 million, annually, on a new deal on the open market, while the Sun suggests the Flames are only willing to sign him to a deal worth $5 million, per year.
Meanwhile, Treliving also shot down a rumor that circulated over the weekend suggesting that the Flames pitched an offer to the Ottawa Senators for center Jason Spezza.
"I haven't made any such offers. That's 100% fantasy island," Treliving told the Sun. "I saw it early Sunday online and had to read it a couple times and had to remind myself, 'Oh yeah, I'm the Flames GM. Interesting.'"