Monk has been through a busy summer in the transfer market, losing a number of key players from last season's squad but bringing in six signings himself.
And he hopes Argentina international Fernandez will be the next addition, albeit not in time for Saturday's opening Premier League clash against Manchester United at Old Trafford.
"We've had good chats with Federico, there are a few details to be ironed out but then he will be over to have the medical," Monk added.
"We will be getting a very good player who has played at the top level with Napoli and Argentina in the World Cup. He will definitely add quality to the squad.
"Two or three more bodies will be nice but you want someone to come in and challenge for places."
Louis van Gaal will make his Premier League bow against the Swans in the lunchtime kick-off and Monk, who is happy to be out of the spotlight, says his squad is well prepared for opening day.
"We're ready," Monk said. "All eyes are on Man United and the situation that has been going on through the summer and the start of the season.
"Obviously all the focus is on them which suits us fine and we can go on with our job and do the best we can.
"It's part and parcel of football. The big clubs attract the most attention, the best players in the world play for these big clubs and the best quality manager will go to these clubs as well.
"He (Van Gaal) has had a very positive pre-season and although he's only been there a short space of time you can see his influence coming through.
"But when you go to Manchester United with the strength and quality in depth they have, it's always going to be a tough test for a club like ourselves.
"But we go up there with full confidence. We have had a good pre-season behind us and we've got to make sure we put in a good performance.
"Everyone is beatable, the most consistent teams in the world are beatable on any given day If you're on top of the opponents and they're slightly off it then you always have a chance.
"We've proven that time and time again since we've been in the Premiership, so we don't consider it as a fear."