The 34-year-old’s current contract with Juventus is set to expire in the summer of 2013.
Tuttosport reports that Buffon will sign a new contract with Juventus that will keep him at the club until 2015.
The new deal will also see Buffon improve his current €6million-a-year salary.
Buffon joined Juventus from Parma in a massive €54.2million deal in 2001.