The treble-winners made a move for the Paqueta last summer but ended their interest when the FA opened an investigation into potential betting-rule breaches, which is yet to be resolved.
However, this interest could be reignited depending on the future of City star Silva.
The 29-year-old’s contract with City runs until the summer of 2026 but is the subject of transfer interest from the likes of Paris Saint-Germain, Barcelona and the Saudi Pro League.
Silva has also made his no secret of his desire to one day return to Benfica.
The departures of attacking stars Cole Palmer and Riyad Mahrez meant keeping Silva at the Etihad was important going into this season.
But City have not stood in the way of stars who have previously wanted to leave.
According to The Telegraph, should Silva look to move on in the summer, City will move for Paqueta to replace him.
Pep Guardiola is said to remain a huge admirer of the 26-year-old.
Paqueta was valued at £70million while being linked last season.
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He has played 27 times for West Ham this season, which has seen him score five goals and add six assists in all competitions.
The former Lyon star is currently sidelined through a calf injury but has returned to training.
On his return, manager David Moyes said: “Lucas Paqueta’s back in training, he’s very close to returning and hopefully that will give us a huge boost.
“He’s certainly in contention [to play against Brentford], but I’ll need to find out exactly where he is.”