The Saints are said to be keen on the Venezuela international.
Southampton are considering a January bid for Malaga attacking midfielder Juanpi, according to the Sunday People (Total Football pullout, page 16).
The Saints are said to have watched the Venezuela international in his last two La Liga outings but may have to move fast if they want to avoid paying more money than they have to.
The report claims Juanpi is valued at around £18 million by the Andalusian side, who are trying to extend his contract by two years – keeping him at La Rosaleda until 2020.
However, the new terms would allegedly lead to an increased release clause of £25 million.
Southampton could face competition from Middlesbrough for Juanpi, with Calcio Mercato linking the Teessiders with an approach last month.
However, Spanish football expert Guillem Balague last week claimed that as many as three Premier League sides are keen on the player, who he has likened to Manchester City and England winger Raheem Sterling.
Left-footed Juanpi has been with Malaga for the past seven years and holds a Spanish passport, meaning he would not require a work permit to play in England.
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