It's no secret that several clubs including West Ham United, Leicester City and Everton have been sniffing around the Brazilian.
But could he stay with the Baggies to help them return to the Premier League next season?
Planet Sport runs you through the bookies favourites to sign the highly-rated midfielder.
Stay at West Brom
The bookies favourite currently is for the midfielder to stay at West Brom.
Maybe because the other club's chasing his signature can't get their act together, or maybe because the club have priced him out the market.
Pereira isn't acting like someone who wants to stay at The Hawthorns, and is apparently giving minimal effort in training.
Surely the club won't cling on to him?
West Ham United
Europa League contenders West Ham are searching for some new attacking input to help them achieve both League and European success.
With Felipe Anderson leaving for Lazio, Manuel Lanzini struggling to recapture his form, Jesse Lingard staying at Manchester United, and Jared Bowen a possible target for Liverpool, David Moyes is eyeing up Pereira as his number one target.
After agreeing not to play in any pre-season matches for West Brom the deal could be closing in, especially with Pereira keen on the idea of playing in Europe.
After 11 goals and six assists in his debut top flight season, he will surely add some Brazilian samba to West Ham's midfield.
The Foxes are also on the hunt for Pereira's signature this summer.
After securing European soccer next season, the Brazilian will certainly be looking at the opportunity to play for the FA Cup holders.
Leicester are in need for a potential replacement for midfielder James Maddison, who has attracted Arsenal's attention. However, nothing is set in stone just yet with the bookies favouring the England midfielder to stay at the King Power.
The Blues' have already signed Andros Townsend to bolster their attack and Pereira would link up well with the former Crystal Palace winger on the opposite flank.
However, as well as the bookies not favouring this transfer, Everton don't look that fussed either. Their attention Everton appears to be focused on the signing of Leon Bailey or Dwight McNeil.
Pereira could be making a move to reunite with Brazilian teammate Raphinha at Leeds. Marcelo Bielsa is hoping to sign a number 10 and a winger this transfer window, and the 25-year-old ticks both boxes.
His attacking creativity will certainly fit Leeds well, as they hope to improve on fantastic first season back in the top flight.
Despite Crystal Palace entering a new Patrick Vieira-fuelled era, it seems that Pereira has already turned down the chance to move to south London.
Similarly to Leeds United, Crystal Palace could already be out of the race for the Brazilian due to the midfielder wanting to play in Europe next season.
This new young Eagles side could do with a little magic from Pereira; however it seems that he has already made his mind up.
With Norwich returning to the Premier League for the 2021/22 season, they are an outside chance of bringing the midfielder to Carrow Road this summer.
The Canaries are seen as a yo-yo club and though signing Pereira would be seen as a big coup would he want another season in a relegation dogfight?
The Villains are hoping for a better campaign in 2021/22 after finishing in a 11th place last season. With Grealish lured by the potential of winning the Premier League and Champions League, never mind the wages he will be on, a big hole will need to be filled.
Although at this current moment in time Grealish hasn't left his boyhood club, Dean Smith may be forced to step up his pursuit of the Brazilian soon.
The Gunners are eyeing up potential attacking midfielders to sign this summer transfer window, with deals for James Maddison and Martin Odegaard reportedly on the table.
However, Mikel Arteta's side are not in a European competition, and the north London side are currently going through another rebuild.
Does the Brazilian really want to step into another frying pan?