Juve are keen to freshen up their squad this summer despite winning a record seventh successive Serie A title last season and have been linked with big-money moves for Cristiano Ronaldo and Sergej Milinkovic-Savic.
A new centre-back remains one of the club's top priorities, though, and Corriere dello Sport reports that Mustafi is on Juve's list of potential targets.
Massimiliano Allegri's side are still in the hunt for Atletico Madrid centre-back Diego Godin, but have begun to make contingency plans in case they are unable to prise the Uruguay international away from the Wanda Metropolitano.
Mustafi, who missed out on a place in Germany's World Cup squad this summer, is one of the options Juve could turn to should their pursuit of Godin prove unsuccessful.
Mustafi made 35 appearances for Arsenal across all competitions last season.