Melo could be used as a makeweight in a swap for Villarreal striker Giuseppe Rossi.
Tuttosport says the two clubs are already in talks about the Brazilian returning to Spain’s La Liga.
Villarreal are looking for a new holding midfielder and Melo could be made available by the Turin giants at the right price.
The South American moved to Europe in 2005 when he was snapped up by Liga outfit Mallorca.
Juve could take advantage of Villarreal’s interest in the player by making a bid for Rossi in return.