The fan favourite, who has racked up 349 appearances for the Citizens during his eight years at the Etihad Stadium, is due to be out of contract in 2020.
Silva frequently flew back to his native Spain last season as son Mateo, born 15 weeks prematurely, fought for his life, and the 32-year-old would like to be closer to his family when his career begins to wind down.
"For City [I want to play for] two more seasons - what's left on my contract," he told BBC Sport. "After that, I don't know. It depends on how I feel physically and mentally.
"I've always said that I'd like to play for Las Palmas - my local team. But we'll see how things go in two years and take it all from there.
"I'd like [Mateo] to grow up where I'm from. That's where I was brought up and I really hope he can have the same opportunities as I've had. I hope he likes sports and if he gets into football we'll help him."
Las Palmas were relegated from La Liga last season after winning just five of their 38 matches.