Juve suffered a disappointing campaign last season and new manager Luigi Del Neri had been keen add the Bosnian front man to his squad.
“The road to Dzeko appears to have been closed,” Juve’s sporting director Giuseppe Marotta told Mediaset Premium.
“The player has expressed a desire to join us, but that is not the will of Wolfsburg.
“If they don’t want to sell him, there is not much we can do.
“Dzeko would have been a dream signing for us, but it does not look like it will happen.”