Leicester made a late move for Silva as they looked to replace Danny Drinkwater, who left yesterday in a £35million move to Chelsea.
The 28-year-old arrived at Leicester’s Belvoir Drive training ground late last night to finalise a move to the Foxes.
Leicester requested an additional two-hour extension beyond the 11pm deadline in order to complete the reported £22m deal.
But Sky Sports claim the club are still waiting to hear from the FA and the Premier League to see whether their attempts to land Silva have been successful.
Leicester are said to be confident that all the necessary paperwork was submitted in time, but the FA are still assessing it.
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Silva is reportedly still in the Leicester area to find out whether his future lies at the King Power Stadium or back in Lisbon.
Craig Shakespeare’s side are long-term admirers of the Portugal international, having failed to sign him last summer when they bought his former Sporting team-mate Islam Slimani.
Leicester managed to recruit Bayer Leverkusen centre-back Aleksandar Dragovic on a season-long loan before last night’s deadline.
But it remains to be seen whether Silva will join Dragovic and fellow summer signings Kelechi Iheanacho, Vicente Iborra, Harry Maguire and Eldin Jakupovic.
Silva, Sporting’s captain, has played 237 appearances for the Portuguese giants and was part of Portugal’s 2016 European Championship-winning squad.