The 20-year-old is still contracted to parent club FC Porto, but is expected to sign a £12.5m permanent deal with Hellas Verona at the end of the season. However, the Italian outfit will consider doubling their money almost instantly by selling the South American for £25m before the start of the 2014-15 campaign, according to talkSPORT.
As well as the aforementioned Premier League trio, it's believed Real Madrid, Paris Saint-Germain and AS Roma are also keen to sign Iturbe, who has scored five goals in 28 Serie A appearances this season.
The 5ft 6in forward has been compared with superstar compatriot Lionel Messi in recent years for his impressive dribbling ability and low centre of gravity. However, Iturbe has yet to make his Argentina debut, despite scoring five goals in 10 appearances for the Under-20s in 2009.
But he knows his chances of forcing his way into the Argentina setup will be boosted by a big-money move to one of Europe's giants - and the opportunity to become a regular for the Albicelestes could be too great for the youngster to resist, despite the fact he played an international match for Paraguay earlier in his career.
It just remains to be seen which of the big European clubs will win the race for his signature.
Arsenal, Chelsea and Liverpool fans: would you like to see Iturbe at your club? Have your say in the comments section below.