Silva moved to San Siro from Porto last summer for a fee of £34m, but he has endured a very difficult time at his new home. His late winner against Genoa last week was his first Serie A goal, although he did score eight times during Milan's Europa League campaign.
Wolves' hopes of luring the Portuguese striker to Molineux are boosted by their relationship with agent Jorge Mendes. Mendes heads the GestiFute agency, to which Silva is signed.
Wolves manager Nuno Espirito Santo knows Silva quite well, having managed him when he was boss of Porto in 2016/17. Santo was sacked at the end of his season in charge of the Dragons, having failed to win any silverware.
The Portuguese manager has found better fortunes in England, and Wolves currently top the Championship, leading second-placed Cardiff by three points.
The Wolves squad has developed a distinctly Portuguese flavour since Santo arrived, with no fewer than seven of the manager's countrymen now on the books at Molineux.
(You may also be interested in Manchester United Set to Rival Championship Leaders Wolves for Besiktas Loanee Anderson Talisca)
Chief among these are Atletico Madrid loanee Diogo Jota, who is Wolves' top scorer this season with 13 goals in the Championship, and Ivan Cavaleiro, who has been at the club since 2016 and has flourished under Santo's guidance.
The Mirror reports that Monaco and Valencia will also challenge for Silva's signature.
Silva's 21 goals last season for Porto earned him the move to the San Siro, but Patrick Cutrone has emerged as Milan's leading striker and Silva has been limited to cameos from the bench of late.