The Turkish international striker has been in prolific form over the last few seasons and has scored 72 goals in 121 games for the Lions since joining from Trabzonspor in 2012.
Bilic is reported to be a keen admirer of Yılmaz from his time managing Beşiktaş.
“Burak Yılmaz is a player who has scored over 60 goals in his last two seasons of course I think he is a very good striker,” Bilic was quoted as saying on Lig Tv.
The 29-year-old striker scored eight goals in nine Champions League appearances in the 2012-13 season, playing a crucial role in guiding Galatasaray to the quarter-finals.
Yılmaz was closely linked with a move to Italy and England prior to joining Galatasaray. The experienced striker scored 58 goals in 93 games for the Black Sea Storm before making his move.
The Galatasaray striker has won the league title and the Turkish Cup twice since joining the club. Yılmaz has four-years left on his contract and is paid in the region of £2.5 million per-season.
Yılmaz scored a hat-trick in the Turkish Cup final against Bursaspor last week and helped his side win the double for the sixth time in club history.