Swans boss Michael Laudrup admitted he was trying to bring in a new striker before the transfer window slams shut at 11pm and it appears to be Vazquez.
Laudrup revealed he was an admirer of the forward last week and he is thought to have emerged as Swansea's top target after missing out on West Brom's Peter Odemwingie, who seems set to join Cardiff.
Laudrup confirmed that the player he is chasing is from overseas, and with time running out it is more likely that it will be a loan deal with an option to buy later.
"We will do something. It's someone from abroad," Laudrup told Sky Sports News.
"We had some players in the UK as well with different passports but for one reason or another it wasn't possible so we will get this player from abroad.
"In this case it's a loan deal with an option so if he does well we will buy him and I think that's the right way. We spent a lot of money in the summer with Bony and Shelvey so it's a good way for us."
Laudrup is also confident that no other players would be leaving the Liberty stadium before the window shuts, despite speculation linking Michu and Ashley Williams with moves to Arsenal.
"And I'm almost certain to say no-one will leave," added Laudrup. "You never know, there may be a loan out in a week but it's nearly impossible for any permanent deals.
"So, one will join us and nobody will leave us."