Saints manager Mauricio Pochettino has said Osvaldo cannot play for the club again following his training-ground altercation with team-mate Jose Fonte, that led to a two-week suspension imposed by the club.
The 28-year-old Italy international arrived in a club-record deal from Roma last summer but has failed to live up to the billing.
The approach from Juventus suits all parties and a deal was expected to go through on the final day of the transfer window.
Juventus announced on their website: "Italian international striker Pablo Daniel Osvaldo is visiting Turin's Clinica Fornaca di Sessant, Isokinetic and Istituto di Medicina dello Sport centres today for medical examinations."
Osvaldo, who was also a reported target of Valencia, West Ham and Inter Milan, was expected to complete his loan move later on Friday.
He has plenty of experience in Italy's top flight having played for Atalanta, Bologna, Lecce, Fiorentina and Roma in his career.
Source : PA