The former Shakhtar Donetsk and Newcastle player joined Benfica in June 2018 but was rarely used.
After just half a season in Lisbon, he was loaned to Espanyol on a one-and-a-half year loan.
With no chance of featuring for Jorge Jesus’ top-heavy Benfica side, a new exit is being explored for Ferreyra.
Benfica, who bought Everton Soares from Gremio this summer, could instead send them Ferreyra.
The Eaglers want to offload Ferreyra because he is one of their highest earners and has been training separately from the main squad.
The Brazilian transfer window does not close until 9 November, giving the clubs time to discuss a deal.