According to the Daily Express, Juve are willing to make a fresh bid for the 23-year-old - having tried and failed to sign him over the last two summers. However, the Scudetto holders are not prepared to pay the Gunners' asking price of £50m.
Nevertheless, the Italians are hopeful that they can negotiate a more favourable price with the Arsenal hierarchy.
Bellerín has had a mixed season for Arsenal, including a poor display in the second leg of his side's Europa League semi-final defeat against Atlético Madrid. Nevertheless, the three-cap Spain international is still one of the more highly rated full backs in the Premier League.
As well as being openly pursued by Juventus, Bellerín has been heavily linked in recent seasons with a return to Barcelona, where he spent eight years at the Catalans' academy before joining Arsenal in 2011.
However, according to the Sun, Barca's interest in their former trainee has now cooled. In addition, it is believed that Bellerín could be persuaded to stay at the Emirates if - as expected - his fellow countryman Mikel Arteta is appointed as the Gunners' new manager.
Bellerín has made 170 appearances for Arsenal, netting seven goals and winning two FA Cups. He has also won three caps for Spain but was omitted from La Roja's World Cup squad, which was announced on Monday.