It is widely understood that Swansea have made significant progress in talks with Sanches' representatives and that the deal could be concluded in the next 24 hours.
According to Sky Sports and Di Marzio, the Euro 2016 victor will link up with Swansea manager Paul Clement once again, having coached the 20-year-old at Bayern before he joined Swansea in January.
Bayern Munich have been looking to loan out the young Portuguese midfielder this season after determining that he will not receive the game time he needs at the Allianz Arena.
Clement worked as Ancelotti's assistant at Real Madrid, Paris Saint-Germain and Bayern Munich.
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Sanches will be a terrific signing for the Swans.
The Liverpool, Milan, Chelsea and Manchester United target is seen as one of the most promising central midfielders in Europe, but has struggled for time at Bayern Munich.
Clement has said he wants to make at least two more signings before the transfer window shuts on Thursday, both in advanced positions.
Reports from Sky Sports Italy claim that Swansea City will beat rivals to secure Sanches on a season-long loan deal.
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