The Turin club are a keen admirer of the Uruguayan international and view him as an ideal signing to boost their title hopes this season.
On the other hand, the 31-year-old is believed to be getting disillusioned with life at Atletico and is seeking a fresh challenge.
He could well get his wish as according to Italian daily Tuttosport, his agent Daniel Fabian Bolotnicoff was spotted at Juve's headquarters in Turin to discuss a possible deal.
The report also claimed that Juve's general director Giuseppe Marotta is willing to meet the player's demand of a three-year contract worth €4.5 million per annum.
However, Atletico is believed to be asking for around €14 million for their hitman - an figure Juve could find it hard to match in January.
They would have to raise funds though, with Amauri, Mohamed Sissoko and Marco Storari all been linked with a move out of the club.
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