The club's sports director Pietro Leonardi says they have alternative targets should negotiations not run smoothly.
"There are no problems with Giovinco, but we have to meet up with Juventus," Leonardi told Sky Italia.
The 'Atomic Ant' has also been heavily linked with Bari, who would be willing to take the Under-21 international on loan.
"We need to make transfers that will ensure players can grow with us for a certain period of time.
"As we want to work for ourselves to get the best out of players and not do the work of others, from this season we prefer co-ownership deals to loans.
"If Giovinco should not arrive, then the alternatives are Ben Arfa and Diamanti," continued Leonardi.
"Ben Arfa was considered a youth product of the highest order and Marseille have made a big investment in him."