The England Under-21 international dropped down the pecking order at the club, and was desperate to leave the Magpies in search of regular first-team action.
The 22-year old has featured in two of Newcastle’s pre-season friendlies and has also extended his current deal at Newcastle by another year, which means his contract at the club will last till 2021.
The Chronicle further reports that the goalkeeper has travelled from Tyneside yesterday and has agreed to play under new Swans boss Steve Cooper.
The news will come as a blow for Celtic who were keen to sign him this summer.
Celtic have Craig Gordon and Scott Bain as the two main keepers. However, Lennon was looking to sign a young keeper who can be the long term replacement of Gordon and targeted the young Newcastle goalkeeper.
However, Swansea have moved quickly ahead of other potential suitors to snap him up on a loan deal.