The Italian club are desperate to keep hold of their £29million-rated star but are understood to be considering their options should he leave.
Both United and Arsenal have reportedly expressed interest in Dybala, who has scored 13 goals in 28 games this season.
And Palermo officials appear unwilling to take any chances this summer as reports emerge they are close to signing the son of Atletico Madrid manager Diego Simeone.
Gazzetta dello Sport claim Giovanni Simeone, of River Plate, is one of a number of strikers Palermo are considering as a direct replacement for Dybala.
According to the newspaper, Simeone Jnr., 19, has impressed in the Argentine domestic league and boasts a handful of U-20 caps for his country.
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Giovanni Simeone (right) is wanted by Palermo
Should the youngster make the move to Europe, it could loosen Palermo’s reliance on Dybala and eventually see the Argentine leave for England.
Dybala recently dropped a big hint over his future when he said: "I want them both [the league title and Champions League]! If I played in the Champions League, then I'd have much greater odds of being called up for the national team."
But he also insisted he was content at Palermo for the time being, stating: ”But it would be disrespectful towards the Palermo supporters if I said I wanted something else.
"I'm very happy with my situation in Sicily and above all else I'm focused on our season. We still have much to prove."
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