Higuain has been linked with a move to Chelsea and a reunion with head coach Maurizio Sarri.
However, AC Milan are also keen on signing the Argentina forward.
Sky Italy claim Higuain could move to the San Siro on-loan, with Milan defender Bonucci rejoining Juventus just 12 months after leaving as part of the deal.
Sky Sports News reporter Dharmesh Sheth discussed the potential of the swap deal today.
And he reckons now Alvaro Morata’s future looks more certain at Chelsea, following positive comments from Sarri on Saturday, the Blues may not want both him and Higuain in their squad.
“Where does that leave Chelsea’s pursuit of the Juventus striker Gonzalo Higuain?,” Sheth said of Sarri’s comments on Morata.
“He’s a player Sarri knows well, Higuain played under him at Napoli.
“This is where we stand on this one. Juventus are prepared to let him go, AC Milan are interested in doing a loan deal.
“Our Sky colleagues in Italy claim Juventus may facilitate that as part of the package that would see Leonardo Bonucci return to the club.
“Now Higuain himself is expected back in Turin today to discuss his future.
“It’s thought he wants to see what’s on the table from both Milan and Chelsea before making a decision.
“I just wonder if Chelsea can accommodate both Morata and Higuain in the same squad.”