The 22-year-old has been in fine form so far this season, helping a free-scoring Monaco side to the top of the Ligue 1 table.
Silva's performances are understood to have drawn the attention of some of Europe's biggest clubs, with the likes of Manchester United, Manchester City, Barcelona and Real Madrid all monitoring his progress.
Tottenham Hotspur have also been credited with an interest in the Portugal international, but Monaco's asking price of €80m (£68.4m) is expected to put Mauricio Pochettino's side off a move.
The Times reports that Chelsea could be tempted to part with that sum in order to strengthen their squad this summer, though, with Roman Abramovich hopeful of building a team that could challenge for the Champions League next season.
The Blues missed out on European football last term but have re-established themselves as a major force in the Premier League under Antonio Conte and currently enjoy an eight-point lead at the top of the table.
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