On Friday, Sevilla sporting director Joaquin Caparros claimed his side will trigger the purchase option in Silva’s loan from Milan “at the end of the season or even before."
Following a difficult spell at Milan that saw him score just two Serie A goals last season, the 23-year-old has found his footing in La Liga while on loan the Andalusian side.
Silva has scored seven times in 11 La Liga appearances in 2018-19, leaving many to once again anoint him as the heir apparent to Cristiano Ronaldo for Portugal.
Goal understands that any deal done by Sevilla will see them secure Silva on a contract through to 2023.
They will get that agreement in place by completing a €35 million (£31m/$40m) transfer.
Blanco, who came up through the Sevilla ranks and played for the club between 2004 and 2006, believes that outlay is more than worth it in today's transfer market.
"The prices nowadays are exorbitant and to find a footballer with his age and the level he is demonstrating is very complicated," he told Goal.
"It is very valuable for the team's sporting direction to work with a player that in terms of age and numbers is giving exceptional performances."
Silva's performances have helped Sevilla to second place in La Liga, just one point behind table-topping Barcelona.
Blanco has been impressed with how Silva has adapted to life in Spain, both on and off the pitch.
"I think it is very striking that a player adapts so quickly to a different playing system, to a different city and doesn't only adapt on a personal level, but a sporting level.
"He plays very well on with his back to goal, he has great movements, he gets rid of the ball when he has to, he does defensive work, he is a supportive footballer with the team and with his effort.
"We are talking about one of the best strikers in La Liga."