The Dube Birds are yet to report for pre-season training after being given an extended break after successfully competing in the PSL promotion playoffs.
The Soweto-based outfit have already sold Dillon Solomons, Kmaohelo Matlatsi and Lehlohonolo Motlou to Kaizer Chiefs.
According to sources close to the club, Swallows have already agreed to personal terms with Moloisane, who is expected to be unveiled by the club imminently.
"Thabo Moloisane is signing with Swallows. The deal has been agreed in principle," said the source.
"They are going to unveil him very soon."
Moloisane's agent Eugen Mbatha also confirmed his client could sign with Swallows FC.
"Yes, we are talking to Swallows FC", Mbatha confirmed to KickOff.