The NBA outbid Ellison to buy the Hornets last fall after Ellison failed to buy the Warriors.
Coincidentally, the Hornets hosted the Warriors on Thursday night.
San Jose believes it can provide fans and corporate sponsors to an NBA team at HP Pavilion.
"I think there is a lot of interest in moving a basketball team to San Jose. But at this point, it's just speculation about what Larry Ellison might be interested in doing," said San Jose Mayor Chuck Reed in response to the Forbes.com article.
Reed insists he's never had any conversations with Ellison about bringing an NBA team to his city.
The Warriors played in San Jose during the 1996-97 season while Oakland's Oracle arena was remodeled.