Sunderland are also believed to be in the running for Graham, who has scored four goals in his last five games, having signed for the Swans in a £3.5m deal from Watford in 2011.
Newcastle, QPR and Reading could yet come into the reckoning, with Graham struggling to displace the prolific Michu in Swansea's starting line-up despite his recent positive run of form.
Graham may have to wait until a replacement is found for him before he can leave the Liberty Stadium, although Swans manager Michael Laudrup is understood to be lining up a move for Stoke's Kenwyne Jones.
The Potters striker is set to be given permission to talk with the south Wales club despite being a first team regular at the Britannia Stadium.
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