The duo featured together for Real Madrid, as Los Blancos stormed to the La Liga title and two UEFA Champions League crowns.
Rai Sport (h/t Jack Otway of the Daily Express) reported Juve could swoop for James with the help of agent Jorge Mendes and kit sponsor Adidas, with the player completing a two-year loan spell at Bayern Munich.
James' time in Bavaria has recently turned sour, potentially opening the door for a switch to Turin.
The Old Lady has dominated the Italian landscape for many years, but they continue to re-enforce the depth of their squad as they chase Champions League glory.
Per Rai Sport, Juve will reportedly pay Real Madrid £62 million for James, with Adidas contributing towards the financial outlay.
James scored one of the goals of the season on Thursday, as the forward netted with a sumptuous curling effort as Colombia beat the United States 4-2 in Tampa, Florida.
FC Bayern US highlighted the strike on Twitter:
James recovered his lost form at Bayern last term, and he impressed as the club romped to another Bundesliga title success.
The player scored eight and assisted 13 times in the German league and Europe, as he proved to be back to his best at a huge club.
Italian football would be a stylistic fit for the 27-year-old, who has delivered success in Portugal, Spain and Germany.
Ronaldo and James displayed excellent chemistry when featured together, and the Colombian's creativity as a No. 10 would be appreciated by the global icon.
Bayern have slipped to sixth in the Bundesliga after a brief crash of form, and the current transition could see James opt to find a new club in the summer.
There will be plenty of interest in the forward from the Premier League if he comes onto the market, but there's also the chance he could make a dramatic return to Real as they rebuild after former manager Zinedine Zidane's departure.