The 26-year-old Morocco international spent three seasons on loan at AC Milan between 2020 and 2023 before returning to the Bernabéu, and is familiar with life in Serie A.
He managed two goals and nine assists across 42 appearances for Madrid this season but has been consistently peripheral in a squad where Vinícius Júnior, Kylian Mbappé, Rodrygo, Jude Bellingham, Arda Güler and Franco Mastantuono all compete for attacking positions.
La Gazzetta dello Sport reported that head coach Luciano Spalletti has identified Díaz as the type of creative, connective midfielder who would bridge Juventus's midfield and attack — precisely the profile the club sought in Bernardo Silva before the Portuguese opted for Barcelona. Madrid are unlikely to block a temporary exit given his limited role, but two situations must be settled first.
The presidential election on June 7 — in which Florentino Pérez faces challenger Enrique Riquelme — is the immediate priority. Once a new mandate is confirmed, Madrid will then address the Nico Paz question.
Real hold a €9 million option to recall the Argentine from Como this summer and a €10 million option in 2027. Incoming head coach José Mourinho is reported to be keen on having Paz available, and if he is recalled, it further frees Díaz to go on loan.
Díaz's contract at Madrid runs until June 2027. A permanent deal with Juventus is not under discussion — the player's preference is for a loan that keeps his options open while giving him the regular football he cannot find at the Bernabéu.