The 25-year-old forward is back at the club where he once spent a month on loan in 2010, joining until the end of the season from Championship side Middlesbrough
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Emnes has previously played for Swansea, spending a month on loan at the club in October 2010.
He made five appearances in that stay, scoring twice, including the winner in a south Wales derby against Cardiff City.
"Marvin Emnes is set to return to Swansea City after agreeing a loan deal from Middlesbrough that is now subject to Premier League and international clearance," read a statement on Swansea's official website.
Emnes has made 24 appearances for Middlesbrough this season, scoring one goal.
The Netherlands attacker has played 160 times for Middlesbrough since joining from Sparta Rotterdam in July 2008.