AC Milan sign Porto striker Andre Silva

Football Soccer - FC Porto v Leicester City - UEFA Champions League Group Stage - Group G - Dragao Stadium, Oporto, Portugal - 7/12/16 FC Porto's Andre Silva celebrates scoring their fourth goal Reuters / Miguel Vidal Livepic

(Reuters) - Italy's AC Milan have signed striker Andre Silva from Porto for a fee that could rise to 40 million euros ($44.8 million), the Portuguese club said on Monday.

The 21-year-old, who has signed a contract that will keep him at Milan until June 2022, made 32 league appearances for Porto last season, scoring 16 goals. He also scored four times in eight appearances in last season's Champions League.

Milan paid Porto an initial 38 million euros for Silva, with a variable component that could see the fee rise by an additional two million euros, the Portuguese club said in a statement. (http://bit.ly/2rmUAAY)

Milan finished sixth in Serie A last season, earning a place in next season's Europa League qualifiers and ending a three-season absence from European competition.

($1 = 0.8928 euros)

(Reporting by Simon Jennings in Bengaluru; Editing by Clare Fallon)