The 29-year-old Pederson joined Koln last summer on a free transfer from Birmingham City.
However, the Danish left-back failed to establish himself in the starting line-up for the German outfit and made only six league appearances.
Pederson wants regular first-team minutes and Championship outfit Swansea are interested in taking him.
The Danish player has yet to feature in a game for Koln in the ongoing campaign and has one year left on his contract.
According to German daily Bild, Pederson is on the verge of completing a return to the Championship by joining Swansea this summer.
Pederson has over 150 championship appearances under his belt and Swans boss Michael Duff believes his experience in the division will help to improve the team.
Swansea are still in search of their first win in the ongoing Championship season and they are set to take on Bristol City on Saturday.
