The young striker was prolific at Porto last season but has struggled at AC Milan after clinching a big move to the club in the summer.
Now Wolves are reportedly attempting to reunite him with former boss Nuno Santo.
Silva is already a Portugal international, and one held in high regard by Ballon d'Or winner Cristiano Ronaldo.
Wolves beat Real to the signing of young talent Rafa Mir from Valencia just early this week.
Now they could be about to do so again, having had one bid turned down for Silva, they are reportedly going to make a second attempt.
Last year, Ronaldo praised Silva, telling Goal.com: "When I retire, Portugal will be in good hands because they have already found a great striker: Andre Silva."
Both players are represented by Jorge Mendes, and if Silva makes his move to Molineux, promotion would be almost instantly assured.