The 19-year-old is widely regarded as one of the brightest young prospects in Europe and has caught the eye of several top clubs including Paris Saint-Germain, Manchester United and Arsenal.
Neves has already made 75 first-team appearances for Benfica since and including his debut in January 2023, and has won one Primeira Liga title and one Portuguese Super Cup before turning 20.
The defensive midfielder's impressive performances at club level were rewarded with a call-up to the Portugal squad for Euro 2024, and he went on to make two group-stage appearances.
Neves is now thought to be weighing up his future at Benfica, with the teenager possessing a contract that expires in June 2028 and includes a €120m (£101.7m) release clause.
Benfica chief confirms Neves bid "is being evaluated"
Although Man United's interest in Neves is believed to have cooled in recent weeks, the midfielder is thought to still be on their radar, while both PSG and Arsenal are among a host of other admirers.
PSG in particular are understood to have stepped up their interest in Neves, with journalist Fabrizio Romano stating that the Ligue 1 giants plan to advance their pursuit of the Portuguese youngster at some stage this week.
Amid interest in Neves's services, Benfica chief Rui Costa has now confirmed that the club are evaluating an offer received for the midfielder and has also played down suggestions that he had previously said the youngster would only leave if the valuation of his release clause was met.
"I never said that Joao Neves would only leave for his release clause and therefore, those claims are false," Costa told Portuguese news outlet A Bola. "What I can say in relation to Joao Neves is that there is an offer on the table.
In-demand Neves facing uncertain future at Benfica
"That has been in the news in the last days but I'm not going to say where this proposal stands. There is a proposal on the table which is being evaluated and is being discussed. But at this moment, Joao Neves remains a Benfica player.
"It's not that I want to hide the ins and outs because I understand that Benfica fans want to know whether Joao will be leaving or not.
"But at this moment, there are ongoing negotiations, so please allow me to be reserved about this subject so we can take care of what will be best outcome for Benfica."
It is thought that PSG are currently leading the race for Neves's signature and are the most likely club to have submitted an offer for the Benfica star.
Neves is understood to have given the green light to join Luis Enrique's side this summer and talks between both parties are soon expected to reach an advanced stage.
Man United, meanwhile, are set to prioritise a move for PSG midfielder Manuel Ugarte, who is allegedly open to making the move to Old Trafford.