Swansea City have confirmed they are discussing personal terms with Ki Sung-yueng after agreeing a fee with Celtic for the midfielder.
The Hoops earlier on Monday confirmed the South Korea international was not travelling with the squad for their UEFA Champions League play-off in Helsingborg.
With a fee of around £6million being reported, a potential deal was described by Celtic boss Neil Lennon as 'good business' although he stopped short of identifying Swansea.
But chairman Huw Jenkins has since revealed to STV it is indeed Michael Laudrup's side who are targeting the signature of the 23-year-old.
"We have agreed a fee with Celtic for Ki," he said. "We are currently holding discussions with player and agent over personal terms."
A deal has not yet been agreed and Jenkins is keen to get the transfer completed before he is usurped by any other potential suitors.
"We are aware of other clubs' interest but we are hopeful we can conclude a deal in the next 24 hours. We feel he is a very exciting young player who has a good career in front of him," he said.
Queens Park Rangers and recently-promoted Reading had also been linked with a move for Ki, who in 2009 joined Celtic from FC Seoul, but it now appears Swansea are the front runners.
Ki, who has 47 international caps, would be joining a side who currently sit second in the Premier League after celebrating Laudrup's first competitive game in charge on the opening day of the new season with a 5-0 victory at QPR.
He was also part of the South Korea Olympic football squad and scored the fifth penalty in his nation's quarter-final shoot-out victory over Team GB, which contained current Swansea players Neil Taylor and Scott Sinclair.
Ki would become Laudrup's seventh summer acquisition following the transfers of Spanish duo Michu and Chico as well as Arsenal defender Kyle Bartley and Preston North End striker Jamie Proctor.
Villarreal's Jonathan de Guzman and Itay Shechter from Kaiserslautern have also been brought in on loan deals.