Karim Benzema turning 35 next year and Mariano Diaz failing to shoot, Los Blancos are thought to be looking for a new manager for the 2021-22 season.
Real Madrid welcomed Luke Jovic to the club from Frankfurt in 2019, but the Serbian club struggled to adapt to life in Madrid and have now been returned to Frankfurt on loan.
According to Bild, Real Madrid could consider using Jovic as part of a deal with Silva, who is also thought to be on the radar of Manchester United and Borussia Dortmund.
The Bild report says Los Blancos are willing to allow Jovic to join Frankfurt permanently for € 20million (£ 17.5m), and they will be looking to sign strike partner Silva for double € 40m (£ 35m).
Andre Silva has been in excellent form this season with 25 goals in 29 Bundesliga games – the equivalent of Erling Haaland and behind only Robert Lewandowski on the Bundesliga top-scoring charts.