The controversial striker has been continually linked with Milan throughout the current transfer window while Juve's interest has only just emerged. Yet while news of the talks may increase the possibility of a sale before Thursday's transfer deadline, City are still likely to hold out for a price they believe represents good value.
As manager Roberto Mancini has maintained throughout the month, City are not actively pushing to sell. The contact is understood to have been initiated from the Italian end. City have not yet accepted an offer for Balotelli. Speculation in Italy has suggested Milan are prepared to pay £20million plus add-ons.
Previous reports have claimed City rate Balotelli's worth at around £28million. He cost £24million when he signed from Inter Milan in August 2010.
Contrary to some reports, Balotelli has travelled with the City squad to London for Tuesday's Barclays Premier League game at QPR.
The forward is available for the game having overcome the virus which kept him out of Saturday's FA Cup fourth-round win at Stoke.