Sky in Italy reported that the bid from Villa for Bentancur was rejected.
The opening offer from Villa was worth around 16 million, with more than 4 million in bonuses, but the Italians want around 21 million up front.
Sky in Italy believes the two sides are close to each other.
30 per cent of the fee would go to Bentancur's former club, Boca Juniors, as part of a sell-on clause in his contract, Sky Sports News understands.
Bentancur signed a contract with Juventus in July of last year and his current contract is set to expire in the summer of 2024.
The Villa boss believes that the young man would strengthen his options in the middle of the field.
Bentancur has started 13 of the 23 Serie A matches he has started this season.
The clock is not running. The transfer window closes at 11pm on January 31.
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