Earlier this month, Wolves were linked with a surprise move for the Portuguese international, who is yet to score a league goal for the Italian giants.
However, while the Championship side allegedly remain interested in Silva, bookmakers are suggesting that his most likely destination is Swansea City.
New boss Carlos Carvalhal is keen to add extra firepower to his squad at the Liberty Stadium, and the former Sheffield Wednesday man may be tempted to try to work with his compatriot.
Swansea still have funds available after the summer exit of Gylfi Sigurdsson, meaning that they could potentially be able to afford any loan fee requested by Milan.
Wolves could wait until the summer to launch a fresh approach for Silva, providing that they have earned promotion to the Premier League.