With Toronto FC looking set to ship Jermain Defoe to Sunderland in return for the out-of-favour Jozy Altidore, the US striker could have another big-name signing providing him service at BMO Field in 2015.
Giovinco, 27, is out of contract with the Serie A champions in the summer and, with talks over a new deal still to get off the ground, the club are said to be looking to offload him this month for a cut-price.
The diminutive Italian has struggled to break into the first-team this season, making just six league appearances for a total of 184 minutes, and the likes of Arsenal, Tottenham Hotspur, Fiorentina, Napoli and Torino are all reported to have been monitoring the situation.
Agent Andrea D’Amico revealed just last week that a number of teams were interested in his client’s signature, telling Italian radio station Radio Deejay: "With Sebastian we discuss things, analyse and verify everything. This isn’t like choosing a holiday destination; it is my duty to listen to all the proposals that arrive for him.
"At this moment many clubs are calling and when it’s the opportune moment, we will make a decision.”
Once hailed as a future star of the national team, Giovinco has long-been linked with a moved to the Premier League, but his star has faded in recent seasons to the point where he now finds himself as a backup to Carlos Tevez, Fernando Llorente and Alvaro Morata at Juve.
The 20-times capped attacker’s signature would prove a huge coup for TFC but, in order to make room for his addition, the Canadian outfit would likely have to move current Designated Player Gilberto, given that their new man is expected to earn an annual salary in the region of $7 million.