According to Italian outlet Corriere dello Sport, Juventus believe that this could be the last transfer window in which they could earn a sizeable transfer fee for 30-year-old Higuain, and AC Milan are interested in signing the striker.
The report suggests that Milan's primary target is Chelsea striker Alvaro Morata, who has also been linked with a return to Juventus, with whom he excelled between 2014 and 2016.
It appears as though everything rests on Chelsea's search for a new manager. Napoli's Maurizio Sarri has been heavily linked with joining Chelsea, and Corriere dello Sport believe Sarri would want former Napoli striker Higuain to join him at Chelsea, which could lead to Morata leaving the club.
Whilst transfers of this magnitude are rare between AC Milan and Juventus, the deal which saw Leonardo Bonucci leave Turin last summer proves that the clubs are prepared to do business, as long as it suits both parties.
A fee of around €60m has been suggested, with Juventus looking to reinvest that money into some more youthful signings. Any move for Higuain or Morata depends on whether AC Milan can resolve their current financial situation, as they could be banned from the Europa League as a result of failing to appease UEFA's Financial Fair Play rules.
Whilst both strikers have a solid scoring record in Italian football, Higuain is seen as a more experienced alternative to Morata. Plus, Higuain had the more productive season over the last year, scoring 23 goals in 50 appearances for Juventus.
Morata scored 15 goals in 48 appearances, but the Spaniard struggled heavily for the second half of the season, scoring only once in the Premier League in 2018.