The Paraguayan striker has made just two appearances for Bournemouth during a difficult loan spell.
Iturbe has made just two appearances off the bench for the Cherries since joining in January, and is due to return to the Giallorossi in the summer.
However, Gazzetta World has claimed that boss Luciano Spaletti is not convinced by the 22-year-old and will listen to offers.
Iturbe is expected to feature for Paraguay at this summer's Copa America, meaning he is also likely to miss the club's pre-season preparations, which could further hamper his chances of impressing Spaletti.
As a result, the Argentine-born youngster is poised to be moved on, with Malaga reportedly looking to be the most likely suitors.
The Liga club seem keen to initially take the player on loan, with an option to make the deal permanent at the conclusion of the season.
Javi Gracia's side tried to take the player on loan in January, only for the forward to opt for a move to the Premier League.
But with Bournemouth looking highly unlikely to take him on permanently, Iturbe may now be tempted by a move to Andalucia.