La Gazzetta dello Sport says Juve are prepared to consider offers for the Serbia international this summer.
Atletico are in the market for a new centre-forward addition this summer, despite the success of Alexander Sorloth this season.
And Vlahovic is emerging as a top target for the Spanish giants.
The striker's contract with Juventus extends until the summer of 2026 and the Bianconeri are prepared to sell for around €40m.