Dybala has concerns over his status at Juve after the arrival of Cristiano Ronaldo and his camp are now exploring transfer options.
Okdiario's chief pundit Eduardo Inda, speaking on El Chiringuito de Jugones, revealed: "They have offered Dybala to Madrid.
"The player's environment is trying to get closer to Real Madrid, which for the moment is ignoring them.
"Now he is eclipsed by Cristiano Ronaldo who has reached his team."
Just last week, Palermo owner Maurizio Zamparini, who sold Dybala to Juve, declaring he would leave the Bianconeri in January.
He stated: "He'll leave, because Juventus want to get €120m. In January I think he'll leave, for Spain. He has offers in Spain and England.
"Juventus have a lot of champions and it's obviously difficult for everyone to play, but it's definitely a reason to cry when a phenomenon like him isn't playing."