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Former England Under-21 defender Kelly joined the Magpies on a free transfer in June after his contract with Bournemouth expired.
However, the 26-year-old has made just 10 appearances in the Premier League this season and has not started since November.
It is understood Newcastle believe the deal is too good to turn down and could strengthen their position when it comes to Profit and Sustainability rules (PSR).
Juventus are fourth in Serie A, 14 points off leaders Inter Milan and in a tight battle for one of the European places.
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