According to the likes of The Daily Mail, Wolverhampton Wanderers want the right-back - who can also play as a winger - who is valued at £35 million.
The Portugal defender, 24, spent last season on loan from Valencia at Inter Milan in Serie A helping the club qualify for the Champions League.
Cancelo worked closely with Wolverhampton Wanderers boss Nuno Espirito Santo when the pair were together at Valencia and the Mail says the player credits the his old boss with playing a major part in his development.
Newly-promoted Wolves were hoping to take advantage of their links to Jorge Mendes after reports claimed Cancelo had asked the super agent to 'get the wheels in motion' - as reported by The Birmingham Mail.
But according to Sky Italia journalist Fabrizio Romano Cancelo is set to reject any move to Wolverhampton Wanderers with European giants Juventus interested.
"Joao Cancelo is not convinced about Wolverhampton bid," Romano claimed on Twitter.
"He’d like a European top club.
Joao Cancelo is not convinced about Wolverhampton bid. He’d like an European top club. Juventus always interested in him #transfers— Fabrizio Romano (@FabrizioRomano) June 6, 2018
Fans have been reacting to the news on Twitter with one claiming it proves 'money can't buy everything' given Wolves' riches.
Money can’t buy everything.— . (@Firmino9Roberto) June 6, 2018
It can’t buy the champions league either ♂️— CJ (@ForeignFrauds) June 6, 2018
Wolves will be in Champtions Leauge within 2 seasons— Red Legacy (@RedLegacy_) June 6, 2018
You can’t be serious— Lauren☘️ (@_laurendoherty_) June 6, 2018
Hope he changes his mind— (@wolvesxcoop_) June 6, 2018