According to A Bola, Inter Milan and Juventus are preparing a swap deal involving Guarin and Vucinic.
Montenegrin international and Spurs transfer target Vucinic would join Inter while Chelsea target Fredy Guarin would sign for Juve.
Chelsea were heavily linked with Colombian international midfielder Guarin, but following the £21m acquisition of Nemanja Matic, the Stamford Bridge outfit may feel another midfielder would be surplus to requirements.
Tottenham meanwhile are one of several clubs keeping tabs on Vucinic, who is expected to leave the Serie A leaders after falling down the pecking order in Turin.
The 30-year-old striker joined from Roma three years ago, but after Carlos Tevez and Fernando Llorente signed for Juve, first-team opportunities have been hard to come by.
Arsenal and Spurs have been mentioned as possible suitors, but it now looks like Vucinic will be staying in Italy, with Inter Milan set to take him off Juve's hands.