Chelsea are regarded as favourites for Corinthians sensation Malcom.
The Sunday Express says the 17-year-old is valued at £20million by his club and has been tipped to emulate Barcelona forward Neymar.
Silva has made 25 senior appearances for Mano Menezes' side, and is hoping to establish himself as regular for the Brazilian national team in the future.
Barcelona are rumoured to be interested in the versatile attacker, but it is Chelsea who are leading the race for his signature.
United and Arsenal are also keen on Silva, but the player favours a switch to Stamford Bridge should he make the move to England.