The 38-year-old took charge of Juventus last July, after Fabio Capello quit the club for Real madrid following the Turin club’s demotion for match-fixing.
Deschamps signed a two-year deal when he joined Juventus.
The Frenchman has been linked with the vacant Lyon manager job following following Gerard Houllier’s departure.
Former Juventus and Italy coach Marcello Lippi are amongst the names linked with the available job at Juve.
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Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.