She loves him, but not romantically
in episode 90 jiraiya states that she turned him down when he tried to ask her out
Have you heard of the story 'The Tale of Jiraiya the Gallant'? In that story, there is a man named Jiraiya, and he is married to a woman named Tsunade. Both are attacked by Jiraiya's enemy, Orochimaru. That's what Masashi Kishimoto, the creator, based three of his characters off of. I'll let you figure out which characters. Anyways, based on that knowledge, it is possible that something is between them.
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