The Italy international is in his second season with the Premier League leaders, having arrived from Bologna.
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Calafiori has a deal to 2029, but Juve are willing to make an attempt at season's end.
La Gazzetta dello Sport says Juve want to increase their Italian core and see Calafiori as a priority target.
The left-sided defender has been played mainly at left-back by Gunners manager Mikel Arteta, though he sees himself as a centre-half in the long-term.
At Juve, they hope to convince Calafiori by guaranteeing a place in central defence under coach Luciano Spalletti next season.