The Serie A club looked set to sign Memphis Depay from Barcelona, however, Juventus dropped their interest in the 28-year-old and turned their attention towards Marseille forward Milik.
According to Football Italia, Juventus have reached a deal with Marseille to take Milik on loan for the season, with an option to buy included in the agreement.
Juventus are set to pay €1m (£842,540) for the loan, while they have the option to activate the €7m (£5.9m) purchase clause.
Milik will return to Italy, having previously scored 48 goals and provided five assists in 122 appearances for Napoli.
Meanwhile, Aston Villa are reportedly interested in signing Abdou Diallo from Paris Saint-Germain.
The Premier League side strengthened their backline in the summer with the addition of Diego Carlos, but the Brazilian could miss the rest of the season after sustaining an Achilles injury.
With Carlos set for an extended spell on the sidelines, Aston Villa are looking to sign a defender before the transfer window closes, and according to the Daily Mail they have identified PSG's Diallo as a potential option.
The French champions are open to selling the 26-year-old and are believed to be looking for a fee in the region of €10m (£8.4m).
Diallo is deemed surplus to requirements at PSG, and he is keen to find a new club in a bid to increase his playing time ahead of the World Cup where he is expected to be included in the Senegal squad.
Elsewhere, Ethan Ampadu is set to leave Chelsea on loan and return to Serie A to sign for Spezia.
The Wales international has had loan spells at RB Leipzig and Sheffield United before heading to Venezia for the 2021-22 campaign.
Ampadu returned to Chelsea for the start of the season, but having failed to feature in any of the club's opening three Premier League games, the Wales international is free to leave the club on a loan deal before the transfer window closes.
According to Football Italia, Ampadu is expected to return to Italy with Spezia set to agree a loan deal that will include a purchase clause.
The report indicates that Spezia will pay €1.5m (£1.3m) for the loan deal, and they will have the option to sign Ampadu on a permanent transfer for an additional €12m (£10.1m).
Meanwhile, Trabzonspor are targeting Paris Saint Germain midfielder Rafinha.
The 29-year-old spent the second half of last season on loan at Real Sociedad, but returned to PSG ahead of the new season.
However, Rafinha is not in Christophe Galter's plans and is set to leave the club before the transfer window closes, with Turkish Super Lig champions Trabzonspor a possible destination for the Brazilian.
According to Italian football journalist Fabrizio Romano, Trabzonspor are prioritising a deal for Rafinha, although no agreement has been reached between the two clubs.
The Turkish side are still hopeful that further talks can help them reach a deal to sign the former Barcelona player.