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The Serie A champions are preparing to enter into talks to renew their manager's contract but will target the Atletico Madrid boss if the negotiations prove unsuccessful

Juventus are planning to open contract talks with Massimiliano Allegri in the coming days as they look to extend his contract, Goal can reveal.

The 49-year-old's current deal is due to expire in 2018, with Juve keen to extend that amid reports that the Italian is being lined up as a replacement for Arsene Wenger at Arsenal.

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Should those talks fail to reach a positive conclusion, however, the Serie A giants see Atletico Madrid head coach Diego Simeone as the ideal candidate to replace Allegri.

Goal understands Simeone would be a dream appointment should Juve be on the look-out for a new manager, with the club impressed by the Atleti boss's determined personality and knowledge of Italian football.

Juve are, however, keen to continue with Allegri, who has won five trophies since replacing Antonio Conte back in 2014, with the club's hierarchy having been impressed with his two-and-a-half years in charge.

The Bianconeri have won two Serie A titles under the former AC Milan boss, as well as two Coppa Italia trophies, and were narrowly beaten by Barcelona the 2015 Champions League final.

That success has seen Allegri linked with a move to the Premier League, with Arsenal having been mooted as a possible destination.

He has since played down those rumours, however, telling Sky Italia on Saturday: "I am studying English, but I have been for many years.

"It's incredible, the very day I arrived in London with my daughter, I walked through the airport and saw a giant picture of me on the newspaper saying I was meant to be joining Arsenal. 'Damn it', I said, 'today this had to happen?'

"I am very happy at Juventus and until they kick me out, I'm content to stay."

Allegri dismisses Arsenal rumours

Allegri is already the highest-paid head coach in Italian football, earning around €5 million per season, with Juve planning multiple meetings in the coming days and weeks to improve his current deal.

In addition to Simeone, Goal understands the Serie A table-toppers would also consider Monaco boss Leonardo Jardim and Fiorentina manager Paulo Sousa as possible replacements for Allegri, should talks reach a negative conclusion.