Dybala, off contract in 2022, is in talks about a new deal in Madrid.
But AS says Real chiefs hope to bring the Argentina international to Spain.
Juve rate Dybala in the €100m class and Real hope to tempt them into releasing the Argentine by including Isco and Vinicius Junior in exchange.
It's suggested neither player are regarded as first-choice players by Real coach Zinedine Zidane.
Also on the agenda for Zidane is cutting the number of his squad, so swapping two unwanted players for Dybala would also be welcome.