The magnetic properties of Co/Ag multilayers have been studied in the vicinity of a two-dimensional percolation threshold (PT) from granular to discontinuous layered structure of Co. The percolation threshold is observed at a critical Co thickness of about 0.5 nm. Below the PT the Co/Ag reveal behavior typical of superparmagnetism. Above PT a behavior typical of thin films is observed. Annealing removes the PT and both sets of samples exhibit properties characteristic of a granular system with a complex configuration of magnetic moments due to dipolar interactions. The effective interaction field amounts to 1000 - 2000 Oe for the annealed Co/Ag structures.