The Welsh club are low on strikers, after losing Alberto Paloschi, Eder and Bafetimbi Gomis, leaving just Gylfi Sigurdsson and Andre Aye as potential false-9s.
West Bromwich Albion are also keen on the 23-year-old, who spent last season on loan at Einar, scoring 18 goals. But despite the impressive tally, it may not be enough for Diego Simeone to keep him at Atletico, which has caught the attention of both the Swans and Baggies.
Tony Pulis could be in the market for a new forward, with Saido Berahino involved in a transfer saga once again.
Swansea saved a terrible start to last season by appointing Francesco Guidolin, but have been limited in the transfer window so far. This has left many fans concerned at the lack of depth in their strike force, with more forwards leaving but none coming to the Liberty Stadium.
And after 18 goals in La Liga, they may finally have found their new forward.