Confirming the news to the Official Swansea Website, Chairman Huw Jenkins said: "The deal is still at the early stages. We have agreed a transfer fee with Ipswich, but nothing has been agreed with the player.
"Paulo has made no secret of the fact that he wants another striker to add competition up front. He believes Pablo fits the bill perfectly.''
Should Counago leave Portman Road, it is likely to mean that Town boss Roy Keane will step up his search for at least one new striker, having already had a deal for Sunderland forward Darryl Murphy fall through.
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