The Real Madrid president is looking for a new ‘Galactico’ after failing to fill the void left behind by Cristiano Ronaldo.
The Portuguese star left the Spanish capital for Turin last summer, leaving the side short of goals.
Gareth Bale has struggled with fitness problems while Karim Benzema remains inconsistent in front of goal.
According to Tuttosport, Perez wants to make Dybala his new star signing in the summer.
After the sale of Ronaldo, relationships between the two clubs remain strong despite the controversial ending to last season’s Champions League semi-final when the holders snatched it at the death.
Isco has found himself out of favour under Santiago Solari and the reports claims that Perez is willing to use the midfielder in a swap deal.
The former Malaga man does not want to leave the Santiago Bernabeu and is waiting for a new manager to take over.
With Juventus short of options in centre midfield, Isco could well tempt them into a deal.
The Old Lady do not want to sell Dybala though and will do everything within their power to keep him.
The 25-year-old is seen as a key figure in Massimiliano Allegri’s side and the club believe they’re close to winning the Champions League again, their main ambition.
Back in December, Isco ruled out a transfer away from the club this winter.
“I’m not going to leave in the transfer window,” he said.
“I am really happy. Of course I want to continue at Madrid to keep winning titles.”
With Real Madrid currently in fifth place, Solari is currently under severe pressure and is likely to be removed from his post at the end of the season.
It’s no guarantee that Los Blancos will secure a Champions League finish, let alone keep the pace with Barcelona and Atletico for the title.
They remain ten points adrift of the Catalans meaning their season could boil down to their performance in the Champions League.