Barcelona, Bayern Munich and Real Madrid are among the sides already in the last eight yet it was the debutants and English Premier League champions who worried the 38-year-old goalkeeper the most.
"Who do I prefer not to play? Leicester, because they are a dangerous and passionate team who can cause trouble for opponents who take the initiative," said Buffon after his team beat Porto 1-0 to compete a 3-0 aggregate win.
"Against them, we would have everything to lose."
Leicester reached the last eight with a 2-0 victory over Sevilla to go through 3-2 on aggregate.
Forward Paulo Dybala, who scored Juve's goal with a penalty, said he would like a re-match with Barcelona in the showpiece match if the Serie A side get to the final again.
"With the squad we've got, we can't think about not getting to the final," said the Argentine. "I'd pick Barcelona to repay the bill from two years ago," he added, referring to Juve's 3-1 defeat.
(Writing by Brian Homewood; Editing by Ken Ferris)
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