The 23-year-old winger has a £52m buyout clause in his contract, but the report in Portuguese newspaper A Bola - carried by talkSPORT - claims he could be snapped up for as little as £15m this summer.
Tottenham boss Andre Villas-Boas is expected to add to his attacking options this transfer window, and pacey winger Salvio is thought to be one of his targets.
But Manuel Pellegrini is similarly scouring Europe for players to add pace to his otherwise talented Manchester City squad.
The deposed Premier League champions felt a lack of width cost them dear last season, and they've already moved quickly to add Spain international Jesus Navas.
Salvio, another speed merchant, has represented Argentina since moving to Europe in 2010. He initially joined Atletico Madrid from Lanus, before spending time on loan with Benfica.
The Portuguese giants made that move permanent two years later, and they could be ready to cash in this summer.
Salvio found the net 12 times in all competitions last season as Benfica were pipped to the Liga Sagres title by Porto.
He's made five appearances for his national team since making his debut in 2009.