That's according to Mundo Deportivo (h/t Calciomercato's Lorenzo Bettoni), which reported Pepe's contract runs out after the 2016-17 season and that president Florentino Perez is eyeing the Brazil international as a replacement.
Silva's contract will also expire by then if PSG don't qualify for the UEFA Champions League, and Perez could look to register the player once the club's transfer ban ends―similar to what Barcelona did with Arda Turan and Aleix Vidal in 2015.
Silva's agent, Paulo Tonietto, recently shed light on his client's future in an interview with Calciomercato:
Contract talks with PSG have been put on hold. We are going to evaluate the future alongside the club, but if PSG fail to qualify for the UEFA Champions League this season, we are not going to sign a new contract, that’s for sure.
There are many clubs interested in signing Thiago Silva.
He’s in love with AC Milan. He loves the club and the city. We’ve had no contact with the Italian club and Thiago Silva is still under contract with PSG, but a return to AC Milan could be possible if we don’t sign a new contract. The Rossoneri have good chances to qualify for the Champions League.
The 32-year-old was widely regarded as the best centre-back in the world when he left Milan for Paris in 2012, and while he has been a vital component of the squad that has dominated Ligue 1 since then, a series of injuries have had an effect on his international standing.
He showed his quality and importance during the 2014 FIFA World Cup, playing a fine tournament but was suspended for the semi-final against Germany. Without their star defender, the hosts lost in embarrassing fashion, conceding seven times.
Here's a look at some of his highlights:
As reported by Sport Witness' Lucas Sposito, it's worth noting that Silva's contract doesn't expire until 2018―he'll only become a free agent if Les Parisiens don't qualify for the Champions League, and given their dominance in France, that's unlikely to happen.
The veteran could be a solid signing as a free agent, although one has to wonder how many years he has left at the top. If PSG make the Champions League, Silva will be close to 34 by the time his contract expires.
Meanwhile, Mauro Icardi's agent and wife, Wanda Nara, claimed Real have tried to sign the Argentinian hitman in the past, according to La Gazzetta dello Sport (h/t the Daily Express' James Gray).
She made the revelation while discussing his transfer saga during the summer, name-dropping the likes of Juventus, Napoli, Tottenham Hotspur and PSG as well. Icardi was determined to stay with Inter and recently signed a contract extension, however.
Per David Amoyal, a translator for Italian journalist Gianluca Di Marzio, he's happy he did:
For me it's an honor and a pleasure to stay at this club for a long time. Inter wants to return to the Champions League this season. Did I think of leaving Inter this summer? No, never. I was serene because I was feeling well and I practiced the best I could to start the season well. Now I want to continue this way to help the team win. I arrived here three years ago and this a jersey with a great history, with many Argentines who wore it. For me it's an honor.
Nara spent most of the summer talking up her husband, laying the groundwork for a lucrative contract extension. Icardi is Inter's most valuable asset as the team's primary scorer and creative outlet, and a move to a club of Real's magnitude never seemed likely.
With Alvaro Morata already struggling to find minutes behind Karim Benzema, Los Blancos are more than set at the striker position.