The 21-year-old moved to Molineux from Portuguese giants Porto for a club-record fee of £35m in the summer of 2020, but he is yet to reach the heights expected with the Premier League club.
Silva has scored just five goals and provided six assists in 72 appearances for Wolves in all competitions, and has featured for just 262 minutes across three starts and five substitute outings in the Premier League so far this season.
The Portuguese last played for Wolves on November 4 and was not even named on the substitutes' bench in either of the club's last two top-flight matches, including Wednesday's 4-1 win at Brentford.
Silva experienced productive loan spells at Anderlecht and PSV Eindhoven in the last two seasons, contributing with 16 goals and six assists in 2022-23.
However, the youngster appears to have fallen down the pecking order since returning to Wolves, as Hwang Hee-chan, Matheus Cunha and Sasa Kalajdzic have all been preferred in attack by manager Gary O'Neil.
Silva still has two-and-a-half years remaining on his contract at Molineux, but the striker has been tipped to depart in the January transfer window.
A recent report claimed that several Spanish clubs and Bundesliga teams including Freiburg, Borussia Monchengladbach, Eintracht Frankfurt, Union Berlin and Wolfsburg are all monitoring Silva's situation.
However, Football Insider reports that Scottish giants Rangers are the latest club to register an interest in the striker ahead of the New Year.
The report adds that Silva is also on the radar of Rangers' bitter Glaswegian rivals Celtic among a number of other clubs.
Rangers manager Philippe Clement is believed to be keen to bolster his attacking options in January, with both Danilo and Kemar Roofe currently sidelined with injuries, the former of whom is facing several months out with a knee problem.
Danilo was one of three forwards along with Cyriel Dessers and Sam Lammers who joined the Gers in the summer amid a significant spending spree by former boss Michael Beale.
While Danilo and Dessers have contributed with 15 goals between them in all competitions so far this season, Lammers has only chipped in with two strikes thus far.
Clement has recently turned to young attacker Ross McCausland, but he has only scored once in 19 outings this term despite making an notable impression in the Rangers first team.
Rangers have therefore been tipped to recruit a new forward in January, with Silva one of a number of targets allegedly on the club's radar along with Hearts' Lawrence Shankland and former Motherwell man Kevin van Veen, who now plies his trade with Groningen.