The Turin-based club are monitoring the Arsenal winger's ongoing contract negotiations - and are weighing up a summer bid to lure the England international to Italy in the summer.
The 23-year-old will be able to enter talks with other clubs in January over a summer switch, and Juventus are thought to be keen to speak with the winger.
The Italian champions were in the market for a world-class forward in the summer, but only signed Walcott's Arsenal teammate Nicklas Bentdner.
And Juventus, who completed the entire season unbeaten last year, have struggled this term, losing their record to Inter Milan at home earlier this month.
But talkSPORT reports the Serie 'A' side are desperate to sign a marquee name next season, and are eyeing a bargain in the form of Arsenal's flying winger.
But they expect stiff competition from a number of Premier League sides, including Liverpool and Chelsea. The report claims the Reds are still keen on Walcott, whilst The Daily Mail claimed last month that Chelsea are willing to offload Danny Sturridge in Janaury to make space for new additions.
The Stamford Bridge side have plenty of options in attacking areas, but lack a striker, while Liverpool need forwards and wingers after a disappointing transfer window.
Walcott's ability to play out wide, or in his preferred position through the middle, has impressed Chelsea, Liverpool and Juventus, but Arsenal are still thought to be hopeful of agreeing a new deal with the England star.