A Bola claims FC Porto are expected to field a number of offers for the Argentinian playmaker at the end of the season. Iturbe is currently on loan with Hellas Verona in Serie A, and the Italian club have a €15m purchase option agreed with FC Porto.
So the report claims the Chelsea and Liverpool target could be bought by Hellas Verona for €15m, before Monaco bid higher to offer Verona the chance to make a quick profit on the midfielder.
Chelsea and Liverpool are just two of a number of clubs linked with Iturbe. As reported by A Bola, Real Madrid, Juventus, Roma and Rafa Benitez's Napoli are also interested.
But the latest club to join the race is Monaco, despite the fact that the future of manager Claudio Ranieri is currently uncertain.
The Italian boss could be ushered out at the end of the season, but that's not stopping Monaco chiefs from drawing up a list of summer targets.
They were extremely active last year, snapping up the likes of James Rodriguez and Radamel Falcao, and bankrolled by Russian oligarch Dmitry Rybolovlev, they could spend big again.
Two of their captures, Rodriguez and Joao Moutinho, were bought from FC Porto.