The 19 year-old is yet to make his first team debut for Benfica, but is regarded highly inside Portuguese football.
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Sport says Deco is well aware of Oliveira's potential and has now made a move for the youngster.
Deco has already been in contact with the teen's agents Carlos Gonçalves and Antonio Casanova to discuss a move to Spain.
Oliveira has made two U21 international appearances for Portugal.
His contract with Benfica runs until the summer of 2027.