The Capital One Cup winners have reached a pre-contract agreement with the Spaniard, whose deal with his current club expires at the end of the season, ahead of a free move.
Canas rejected approaches from West Brom to agree a three-year arrangement at the Liberty Stadium, which will commence in July.
There will be no official announcement from either club until around March time, with both sides keen to maintain a sense of stability during the latter stages of the campaign.
Swans boss Michael Laudrup is said to be targeting a number of additions this summer, with the strains of European football next term likely to stretch his squad to near breaking point
The Dane has a positive record when it comes to recruiting players from Spain.
Michu has been, arguably, his best piece of business, arriving in a cut-price deal during the summer from La Liga side Rayo Vallecano and has proving 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 first-team set-up, the 25-year-old is keen to move on and build his career.
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