The 22-year-old striker has shone in his first season in the Champions League, but would cost some €80million.
Real Madrid are "very interested" in signing Paulo Dybala.
The Argentine starlet only joined Juventus last summer and was known to already be attracting admiring glances from Barcelona .
But Real Madrid are also hot on his tail, according to journalist Eduardo Inda on Spanish television's El Chiringuito.
"[Dybala] is number one on the list of possible signings for Real Madrid next season," he said.
"He is interesting Barcelona, he's interesting Real Madrid and he's interesting PSG."
"He's not at the level of Cristiano Ronaldo, Lionel Messi or Neymar but he's on the next rung down and could break that top level."
Having cost Juve some €32million, the Bernabeu club could expect to pay over double that to even have a chance of convincing the Turin club to part with the 22-year-old.
Dybala is their most prized possession, even moreso than Paul Pogba, and is expected to become a Ballon d'Or contender in the next few years along with Neymar and Gareth Bale.
having previously admitted that he would love to play with compatriot Lionel Messi at Barcelona, it could also be a tough sell for the player.
Yet the chance to increase his salary fourfold from around €2.3million per year to nearer €10million will, at the very least, force Juve into revising the terms in his contract.