Ulloa spent most of last season as Leicester's third-choice striker behind Jamie Vardy and Shinji Okazaki and he may find himself even further down the pecking order now the Foxes have signed Ahmed Musa from CSKA Moscow.
The 29-year-old has spent two seasons at the King Power stadium and has scored 19 goals in 73 appearances for Leicester.
Swansea are considering making a move for Ulloa as French striker Bafetimbi Gomis may leave the club this summer.
Would Ulloa be a good signing for the Swans?