Cancelo joined Los Che from Benfica in 2014 on a one-year loan deal before completing a permanent deal worth €15 million the following season.
And, his performances in the Valencia shirt have been impressed with a number of teams including Barcelona showing interest.
Barcelona interest seems to have wavered now as they look to bring back former youngster Hector Bellerin to Camp Nou.
Whilst it was largely understood that the 23-year-old would be subject to bids from interested clubs, it is understood that Juventus are now close to deal after speaking with Valencia officials in recent days.
The deal is said to have come off the back of an agreement for Brazilian keeper Neto, who left Juve for Valencia over the weekend.
Cancelo will come straight into the side with the Serie A club to replace Dani Alves, who has left the club on a free transfer.
The Portuguese international made himself no friends in Valencia after a number of on and off-field events, including a celebration after scoring towards the latter end of the season when he signaled to the home fans to be silent.
Source: La Liga News