Wolverhampton Wanderers are reportedly keeping tabs on Benfica midfielder Pizzi ahead of a potential January move.
The 28-year-old has impressed in the opening stages of the new Primeira Liga season, registering six goals and three assists in eight games to date.
According to Portuguese publication Record, Nuno Espirito Santo's side have held interest in Pizzi for some time and could move when the transfer window re-opens.
The newspaper also claims that an approach for the Portugal international could be intertwined with a potential exit for Wolves midfielder Ruben Neves, whose performances have led to links with the likes of Manchester United, Juventus and Paris Saint-Germain.
Pizzi joined Benfica in a £12.6m deal in 2013 and has also spent time with Atletico Madrid, Braga and Espanyol.