The 21-year-old moved to Southampton from Racing Club in January 2023, and he has made 47 appearances for his current side in all competitions, scoring eight goals and registering five assists.
Alcaraz penned a new long-term deal at St Mary's last October, and he has been a regular this season, making 26 appearances, scoring four goals and registering three assists.
There has been widespread speculation surrounding his future in recent days, though, and according to transfer expert Fabrizio Romano, a switch to Juventus is now close to being completed.
Romano claims that Alcaraz will undergo a medical in London before heading to Turin 'within the next 24 hours'.
Juventus will allegedly pay a loan fee to secure his services for the second half of the campaign, while the deal will include the option to make it permanent this summer.
Meanwhile, Brighton & Hove Albion are allegedly in discussions with Tottenham Hotspur over a loan deal for Bryan Gil before the January window closes.
The attacker has allegedly been given permission to leave the Tottenham Hotspur Stadium before Thursday's deadline, and according to the Daily Mail, Brighton are the favourites to sign him.
The report claims that Fiorentina are also keen on Gil, but he is keen to remain in the Premier League, at least until the end of the 2023-24 campaign.
The 22-year-old has found it difficult to make his mark for Ange Postecoglou's side during the 2023-24 campaign, featuring on just 10 occasions, failing to score or register an assist.
Gil was a late substitute in Tottenham's last Premier League match with Manchester United but did not get off the bench against Manchester City in the FA Cup last Friday.
The Spaniard made the move to Spurs from Sevilla in 2021, and he has represented the North London club on 41 occasions, providing two assists in the process.
Elsewhere, according to Romano, Gabriel Paulista is on the verge of joining Atletico Madrid from Valencia.
The 33-year-old has again been a key player for Los Che during the 2023-24 campaign, featuring on 19 occasions in all competitions, but he only has a contract until the end of June.
Romano claims that a full agreement has now been reached, with Gabriel preparing to end his time at Valencia in order to make the move to Wanda Metropolitano.
An announcement could allegedly arrive on Wednesday, with Atletico holding off competitions from other clubs, including Turkish giants Besiktas, to secure a deal for the Brazilian.
Gabriel has been with Valencia since 2017, arriving at Mestalla from Arsenal, and he has made 220 appearances for the club in all competitions, scoring eight goals and registering five assists in the process.
There had been suggestions that the defender would move on loan, but Valencia are believed to have agreed to release him on a free transfer, as they do not want a contract renewal clause to activate due to their financial problems.