During the first half of the campaign, the 21-year-old barely featured for Wolves, making four starts and six substitute outings in all competitions.
That led to all parties being keen to find a solution for the Portuguese forward, Rangers ultimately winning the race to acquire his services on loan.
So far, Silva has made a positive impression at Ibrox, already contributing four goals from 13 appearances and featuring regularly, either from the start or as a substitute.
Silva showed his worth last week, starring during the 2-2 draw at Benfica in the Europa League before scoring in the 2-0 victory over Hibernian in the Scottish FA Cup quarter-finals.
With Silva possessing a contract at Wolves until 2026, the Premier League outfit do not necessarily have to contemplate a sale in the summer, yet it may be to their benefit when coping with the division's Profit and Sustainability regulations, even though plans are in place for the rules to change in the future.
Wolves will not recoup anywhere near to the £35m that they shelled out for Silva in 2020, but his form in Scotland has at least kept his asking price at a considerably high level.
Speaking after Sunday's win over Hibs, Silva acknowledged that he would be interested in remaining with Philippe Clement's side, albeit aware that negotiations over a permanent transfer may not be straightforward.
As quoted by BBC Sport, the former Porto youngster said: "I'm loving being here. I don't control these things 100%. It's not 100% my decision to stay, if it was up to me then maybe yes. But I could say 'yes' and then you have a lot of things still to be taken care of.
"Perhaps I have the least input into whether I stay here but we have two months to enjoy the football, to win titles and I think after that, if we win trophies and everything goes well, Rangers and I will do everything for me to stay.
"When you see me playing with a smile on my face, I think everything's going the right way. I enjoy playing here, playing for the fans, the staff, my teammates.
"It's a pleasure to be here. I enjoy it a lot. I've been trying to get back my happiness and they're giving me that."
Silva and his Rangers teammates are currently preparing to welcome Benfica to Glasgow for the second leg of their Europa League last-16 tie, arguably the club's most important game of the season despite their recent surge to the top of the Scottish Premiership standings.