Reports claim Real Madrid are on the cusp of confirming a deal for Brazilian midfielder Silva, which would push Spanish international Illarramendi even further down the pecking order.
According to the Daily Star, Arsenal and Manchester United, as well as Liverpool, are all monitoring his availability. Illarramendi signed from Real Sociedad in 2013 for a fee in the region of €32m as a long-term replacement for Xabi Alonso.
But when the ex-Liverpool player left for Bayern Munich, he was replaced by Toni Kroos. And Real Madrid also have Sami Khedira and Luka Modric, who has become one of the club's key players after a difficult first season in Spain.
That leaves Illarramendi on the fringes of the first-team, and he could be tempted by a move to the Premier League with both Arsenal and Manchester United looking for reinforcements in midfield.
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Speaking earlier this week, Cruzeiro vice-president Marcio Rodriguez told ESPN Brazil that Lucas Silva is indeed on his way to Real Madrid.
"Lucas Silva is signed and the announcement should be made on Thursday.
"As of now there is nothing more to wait on. When the athlete wants to go and there's pressure in this business the high salaries in Europe prevail."
As of yet, the deal has not been confirmed, but it's thought to be close to completion. The under-20 international had also been tracked by Premier League clubs like Arsenal and United, but they turned their attention elsewhere once Real Madrid took pole position.
The Spanish giants also today confirmed the arrival of 16-year-old prodigy Martin Odegaard. The teenage midfielder is one of the hottest prospects in world football, and has reportedly agreed a six-year deal with Real Madrid.
He had trained briefly at Arsenal.