According to the Mirror, Wolves will go after the Portugal international if they can secure promotion to the Premier League, which at this point seems likely. Monaco and Valencia are also said to be interested. Le 10 Sport (h/t Metro) previously reported on Arsenal's interest.
Silva worked under Wolves boss Nuno Espirito Santo at FC Porto before securing a move to the San Siro in the summer, but he has fallen behind Milan academy product Patrick Cutrone in the pecking order.
The 22-year-old was mainly relied on in the UEFA Europa League, where he scored eight goals in 14 outings. In Serie A, Silva has mostly come off the bench, failing to reproduce his great scoring form in Europe.
He only scored his first goal in the competition earlier this month, a last-minute winner against Genoa:
BeIN Sports USA's Matteo Bonetti hoped the goal would be a turning point:
Milan paid £34 million for Silva and expected him to lead the attacking line for years, but Cutrone's rise to stardom has altered those plans. Instead, the Rossoneri could make the Portuguese forward available in the summer and opt to reinvest the cash in a position of need.
Silva's poor scoring record in Serie A is a cause for concern, but given the fact those struggles didn't carry over to Europe, it's likely just a case of bad luck. A change of scenery could be just what he needs, and a reunion with Espirito Santo would be appealing.
With ownership group Fosun International running the show, Wolves have quickly built an exciting team, landing several high-profile players.
Ruben Neves' move proved a major success, and the former Porto man could be in line for a transfer to a top club this summer. The midfielder was also down the pecking order at his previous club, but his spell with Wolves got his career back on track, and Silva could follow a similar path.
He'd likely have to settle for a bench role in north London, and right now, Silva needs consistent minutes to continue his development and live up to his immense talent.