Giovinco graduated through the Juventus youth ranks and made 49 appearances for the Bianconeri from his debut in 2007 up till the 2009/10 season.
He then went on loan to Parma last season, where he established himself as one of the best playmakers in Serie A, netting seven goals in 32 appearances at the Stadio Ennio Tardini
His performances prompted Parma to exercise their option to purchase 50% of the player's rights, but Juventus could still buy Giovinco back.
And having witnessed Giovinco bag five goals in his first four games of the season, Juventus general director Giuseppe Marotta admits the Bianconeri could be interested in re-signing the 24-year-old.
"Can Giovinco be a Juventus player? When a player plays for the national team then yes, he can also be a Juventus player," Marotta said.
"Our choice to let him join Parma is just a temporary one."
Marotta also admitted that Giovinco had initially been allowed to leave Juve to get valuable first-team experience, and that the player has since done plenty to prove he was worthy of wearing the Bianconeri jersey.
"We made a precise choice to send him away so he could show he is a great player, and he is doing just that."
Parma will however not relinquish Giovinco's services without a fight, with club president Tommaso Ghirardi recently declaring his affection for the player.
"We have an excellent relationship with Giovinco and we admire him greatly at Parma."
Giovinco, nicknamed Atom Ant due to his dimunitive stature, was handed his first start for Italy in Tuesday's 3-0 win over Northern Ireland.