The Daily Star Sunday says the Italian giants are ready to pay £22m for Bosnian striker Dzeko, 25, and £14m for Serbia's left-back Kolarov, 26.
It's role reversal for City, who are usually the ones with the big money chasing other clubs' expensive players.
But Italian giants Juve are ready to pay £22m for Bosnia striker Dzeko, 25, who they wanted before he left Wolfsburg for Manchester.
And they are lining up a £14m offer for Serbia's left-back Kolarov, 26.
Kolarov's agent, Sergio Berti, has been in contact with representatives of the Turin club. The double deal is planned for the summer, rather than this month's transfer window.