According to Corriere dello Sport (h/t Calciomercato.com's Kaustubh Pandey), both he and Alex Sandro will sign new contracts in September.
La Gazzetta dello Sport previously reported Los Blancos were eyeing Pjanic as a potential replacement for Luka Modric (h/t MailOnline's Spencer Morgan).
Their star midfielder's departure would have left the European champions with a major hole in the centre of the park and few available players who could fill it.
Pjanic would fit the profile as a silky passer with quick feet and excellent range. The former Roma man has also been the subject of persistent speculation this summer, with Tuttosport linking Barcelona and Manchester City with his services (h/t Joe Short of the Daily Express).
But throughout the speculation, Italy's main news outlets maintained his focus was more on a renewal:
Arjun Pradeep @IndianRegista
🇮🇹 📰 | TS also confirm GdS story. TS say Pjanić is seriously considering the idea to remain in Turin despite lurative proposals from all of Europe. But he would like to be among the club's top earners. Marotta will work on renewing Mira's contract with Juve from September. https://t.co/XoQRovLB4o
Juventus are all-in for the immediate future following Cristiano Ronaldo's arrival and Leonardo Bonucci's return, so selling their best midfielder wouldn't have made any sense. If he's willing to stay, there's no reason a deal can't be struck.
His arrival was likely dependent on Modric's departure anyway, and the Croat seems likely to stay in the Spanish capital.