The Italy goalkeeper's contract expires in June 2013, but he is apparently ready to agree a two-year extension.
Buffon’s agent Silvano Martina spoke to the club's officials on Monday to sort out the finer details of the new deal which will see the players's salary cut to €4m per season.
But he will be handed a €1m bonus if Juve can win Serie A or the Champions League.
Buffon signed for Juve from Parma for 32 million Euros in 2001 - a world record fee for a goalkeeper.
- Sports & Recreation
- Silvano Martina