Swansea have had a £12million bid for their former striker Wilfried Bony accepted by Manchester City, Press Association Sport understands.
Bony will now undergo a Swansea medical on Thursday afternoon and complete a return to the club he left for £28m in January 2015.
Swansea wanted to sign Bony before the departure of Spain striker Fernando Llorente was finalised.
Tottenham have emerged as favourites to sign Llorente, despite Chelsea's long-standing interest in the striker, after Swansea accepted a Spurs bid for the 32-year-old World Cup winner.
Swansea signed Bony from Dutch club Vitesse Arnhem in the summer of 2013 for a then-club record fee of £12m.
Bony proved a huge hit in south Wales with 34 goals in 70 appearances and was the Premier League's top goalscorer in the calendar year of 2014.
He signed for City during the African Nations Cup in January 2015 and had to wait over a month to make his debut.
Bony scored only twice before the end of the 2014-15 season, and after contracting malaria the following summer he struggled for fitness.
He started only 15 league games in two-and-a-half years at the Etihad Stadium and spent last season on loan at Stoke.
But the 28-year-old had a frustrating time with the Potters, making just 11 appearances and not one after Stoke's 4-1 defeat at Liverpool on December 27.
His only two goals for Stoke came in a 3-1 win against his former club Swansea.
But Swansea have targeted Bony for some time with Llorente's future at the Liberty Stadium uncertain.
Llorente scored 15 goals last season to help Swansea win their battle against relegation and was the subject of interest from Chelsea in January.
He chose to stay at Swansea then, but it is understood he was open to the idea of moving to Stamford Bridge this summer.
But Tottenham made a late bid to sign Llorente and their offer was accepted by Swansea on Thursday morning.
Llorente has yet to play this season after fracturing his arm while cycling on holiday last month.
But he is due to return after the international break and Swansea head coach Paul Clement had been hopeful of keeping him.
Speaking after last weekend's 2-0 league win at Crystal Palace, Clement said: "I am confident Llorente will stay and I see no reason why I shouldn't be.
"At the same time, I also understand how the window works and all of a sudden something can come out of absolutely nowhere.
"But, most importantly, we won't do anything unless it's the right thing for the club. That includes both in and out."