The Swans are close to agreeing a fee with the Seville club, believed to be under £1m, after tracking the player for the best part of the current Premier League season.
With his contract set to expire at the end of the season, Betis are keen to cash in on their man whilst they can still receive a fee.
The club’s manager Pepe Mel hinted that there is little he can do to keep the 25-year-old and that Swansea are clear to make a move:
“It has been decided, unless the Swansea says otherwise, that Canas continues here until June 30.”
Liberty Stadium chief Michael Laudrup is keen to draft in reinforcements and will be hopeful that Canas can have a similar impact to Michu.
The attacker signed for the Swans in a cut-price deal during the summer from La Liga side Rayo Vallecano and has proved to be an instant hit.
Canas, who graduated from Betis’ academy, has made over 100 appearances in the green and white shirt, becoming a crowd favourite in the process.
Although he is seen as a key player in the club’s pursuit of Europa League qualification, his contractual situation and financial worries may force the club to cash in.