Swansea are reported to have had a bid for rumoured Saints target Michu accepted by Rayo Valecano.
The Swans have offered around 2m euros for the 26-year-old, who scored 15 La Liga goals last season.
According to reports, the Spaniard has been given the all clear to discuss personal terms with the Welsh side.
Michu has a four million euros release clause from his contract but the Madrid-based side has been struggling financially, with players threatening to leave last season in a row over unpaid wages.
Several other English clubs have been linked with the midfielder, including Manchester United, Fulham, Stoke City, Liverpool, Saints, Wigan and West Brom.
La Liga side Sevilla were also believed to be interested in signing Michu and could allow the midfielder to stay at Rayo on loan next season.
New Swansea manager Michael Laudrup said he thought the Spanish transfer market offered good value for money when he joined the Welsh side following the departure of Brendan Rodgers.
The move means Michu could be set to fill the place left by loan star Gylfi Sigurdsson who left the Liberty Stadium to join Tottenham.