The 27-year-old midfielder, who was a part of the Euro 2016-winning Portugal side, has expressed his desire to join Claudio Ranieri's Foxes.
Silva is reportedly valued at £21million by Sporting and could be making his way to the King Power Stadium alongside teammate Islam Slimani in a £45m double deal before Wednesday's 11pm deadline.
He said of the Leicester interest: "Yes, I confirm this proposal.
"Leicester is very interesting and corresponds to my career goals.
"After the past 15 years at Sporting, this opportunity is something exceptional for me and can allow me to express and impose myself in another championship, and also to evolve in the Premier League, which is a stunning league."