Along with teammate Gonzalo Higuain, Pjanic has emerged as a transfer target for the French champions, who would look to bolster their midfield by bringing the former Lyon man back to Ligue 1 this summer.
This has prompted Juventus sporting director Giuseppe Marotta to take precautionary measures and focus on a replacement, with Kovacic fitting the bill, according to La Gazzetta dello Sport.
The Croatian has struggled to cement a regular starting spot in his three seasons at the Estadio Santiago Bernabeu since moving from Inter, and has been tipped for a return to Serie A.
Juventus would face competition from the Nerazzurri, who are keen to snap up their former star, and are monitoring Kovacic’s situation in Madrid.
However, the departure of Pjanic would leave the Serie A champions in need of a new playmaker, which would turn attention towards landing Kovacic.