Wolves are looking to strengthen their squad after winning direct promotion to the Premier League by topping the English Championship, and Sky Sport Italia claim Silva is a major transfer target.
The Portuguese forward was signed by Milan for €38 million ($60m) from Porto less than a year ago, but his first season at San Siro has been underwhelming - registering just 10 goals and two assists in 39 matches.
Only two of those goals came in Serie A, and the 22-year-old has not been a regular starter.
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Silva's agent is Jorge Mendes, the 'super agent' whose involvement with Wolverhampton was investigated by the EFL last month.
Mendes and the club were cleared of any breach of third-party regulations but he does have a number of clients already at Molineux Stadium, including star Portuguese players Ruben Neves, Diogo Jota and Helder Costa, as well as manager Nuno Espirito Santo.
He also represents Cristiano Ronaldo, James Rodriguez and Jose Mourinho to name just a few.
Sky Sport Italia claim Wolves are ready to offer a huge sum to add Silva to their Portuguese-Mendes contingent at Wolverhampton.
