The Welsh club have been linked with Fernandez throughout the transfer window, but the speculation intensified when Chico Flores departed for Lekhwiya earlier this month.
And Swansea manager Monk revealed on Thursday that a fee had been agreed with the Serie A club, but the transfer is unlikely to be finalised in time for Saturday's Premier League opener against Manchester United.
"We've had good chats with Federico, the fee has been agreed and we're just agreeing personal terms," he said. "Hopefully he'll be coming over this week for a medical.
"It won’t be done in time for Saturday."
One man who could be on his way out of the Liberty Stadium is Jose Canas, with Monk announcing the club are helping the Spaniard to secure his next move.
"I spoke to him at the start of the season, for me he wasn't going to be part of my plans," he continued. "The way I wanted to go forward, he wasn't part of my plans and he understood that and now he's trying to find another club, and we're helping him."
Canas would join Chico, Pablo Hernandez and Michu - loaned to Napoli - as the latest departure in Swansea's Spanish exodus, and Monk stressed he was only interested in keeping players who wanted to remain at the club.
"Michu, Chico and Pablo were all in the same situation, they came to me and we had a mutual agreement that they wanted to move on and I wasn’t going to stand in their way." said Monk.
"I’m only interested in players that want to play for Swansea."
Monk also reiterated that there had been no bids for striker Wilfried Bony, adding: "No offers have come into the club."
