Valencia defender has reportedly decided to reject a move to Wolverhampton Wanderers in favour of joining Juventus.
Over the past two weeks, Cancelo has been linked with a number of high-profile European clubs but it appeared that a big offer from Wolves could take the full-back to Molineux.
However, according to Superdeporte, Cancelo has instead opted to make the switch to Juventus, who have been looking to strengthen on the right side of their backline.
Cancelo has just spent the season on loan at Inter Milan but the San Siro outfit were unable to afford the £35m asking price set by Valencia.
During his time with Inter, the Portugal international made a total of 20 starts and six substitute outings in Serie A.