The Italy goalkeeper is believed to be close to signing a new three-year contract with the Bianconeri, but he has been forced to accept a €2 million deduction in his salary
The goalkeeper, 34, has made no secret of his intention to end his career with the Serie A champions, but negotiations regarding a new deal have dragged on for months.
It is now reported, however, that an agreement is close to being struck and Buffon is set to sign a new contract until 2015, when he reaches 37.
Tuttosport further claims that Buffon's new deal will be worth €4 million (£3.1m) per year, which represents a €2m (£1.6m) reduction from his current deal, as Juventus follow the example of other Italian clubs and try to reduce their wage bill.
Buffon, who joined the Old Lady from Parma in 2001 for €54.2m (£42.6m), made 35 appearances for the side last season, conceding just 16 goals.