Croatian internationalist Juranovic emerged as a target for Diego Simeone last month, with Atletico Madrid in need of reinforcing their options at full-back.
Juranovic, 26, has been an impressive performer for Celtic since joining from Legia Warsaw last summer and his displays have caught the eye of other clubs.
However, it appears that Atletico Madrid have shifted their sights to Argentinian right-back Molina, who currently plays for Udinese. A deal is reported to be very close for all parties.
Simeone is understood to be an admirer of Juranovic though and it remains to be seen whether the La Liga giants will renew their interest at a later date.
Leicester City, managed by former Celtic boss Brendan Rodgers, were also credited with an interest in Juranovic earlier in the year.