The 20-year-old, who joined Wolves for a club record £35million in 2020, has enjoyed his most successful season since becoming a professional and is now attracting interest from several clubs.
Having finished his loan spells at Anderlecht and PSV Eindhoven this season, Dutch giants Ajax have expressed an interest in taking Silva next season.
A loan move would be more likely at this stage, but a permanent move would not be out of the question if Wolves received an appropriate offer.
Despite reports claiming PSV were targeting other forwards this summer, it is also understood that they would be keen to bring Silva back to the Philips Stadium if a deal could be struck.
Alongside the two Dutch sides, teams in the top tiers of Spain, Italy, Germany and Turkey are all monitoring Silva and could launch a bid for his services next season.
There was a scramble for Silva's signature in January when he left Anderlecht, with a number of teams chasing him, before PSV won that race.
Speaking publicly in the final weeks of the season, Silva said he wanted to stay at PSV for 2023/24 to continue his development with regular game time, but it remains to be seen if they – or any other interested club – will make a former offer for the Portugal under-21 international.
Silva is under contract with Wolves until 2026, while the club have the option to extend that by a further year.
If Wolves did allow the player to leave permanently they would want to recoup as much of the £35million they paid for him as possible, meaning a loan move is the most likely outcome if he does leave this summer.
As it stands, Wolves are expecting the player back for pre-season in July and Julen Lopetegui is expected to want to take a look at the player – meaning he could yet be given an opportunity in the Premier League next season.
After failing to score last season for Wolves, Silva managed 16 goals and six assists in all competitions this year across his loan spells at Anderlecht and PSV.