Cañas' current deal with Betis runs out at the end of the season, and Swansea are looking to make a move for the influential Spaniard.
Swansea had contacted Real Betis during the January transfer window looking to sign him immediately, but Pepe Mel said that he would not be leaving.
The Betis manager said to reporters at the time: "It has been decided, unless Swansea say something different, that Cañas stays here until 30th June."
Fellow Premier League side West Brom had also been interested in adding Cañas to their ranks, but it looks like Swansea have won the race for his signature. Neither club will be releasing an official statement until the end of the season, but Cañas will join up with his new teammates in July.
Real Betis are currently battling with the likes of Malaga, Valencia, Real Sociedad and Getafe for a place in Europe next season and Cañas lead them to an impressive 5-1 win over strugglers Granada on Friday.
When Cañas does link up with Laudrup at the Liberty Stadium, he will be joining the already Spanish themed Swansea side with Michu, Pablo Hernandez, Chico Flores and Angel Rangel amongst their ranks.
This Spanish combination has worked emphatically at times this season, and Swansea City's Carling Cup victory was proof of this. Michu, who signed from Real Vallecano last year, has been one of the signings of the season and Laudrup will hope that Cañas could be another star buy.
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