Swallows chairman Victor Gamedze reportedly revealed his interest in the venture to Mbabane Swallows TV.
He is quoted as saying: "With my partners we were discussing that you know what, because of the exposure we have now about football, let's buy a stake, let's buy a team from the PSL in South Africa.
"I understand we are Swazis but with my partners we have decided no... let's buy a stake in South Africa so that we can have a team, so that we can start competing in South Africa because it's a bigger league.
"You see... we want a new challenge, we just want a new atmosphere. We are not interested anymore [in] dominating local football. No, my interest is not there. As a result it will affect my team because I'm not interested that much anymore. Keep on lifting trophies, keep on lifting trophies, no. I wish with my partners to own a stake. We are thinking maybe next year we will be trying to buy a PSL slot with my partners."
PSL spokesman Luxolo September conceded such a development would be unchartered territory in South Africa.
"I wouldn't be specific about it but I mean the issue of ownership, if a person is a foreigner and is from a different country, there's some sort of regulation to be adhered to, both at SAFA and also in the NSL handbook so that relationship is quite governed," September said.
"But there's nothing that excludes any person who is a foreigner from owning a team in South Africa if they adhered to all the regulations in South Africa.
"Look, there is nothing in our rules that deals with that because we've never really been presented with that kind of situation. But of course I'm sure when that moment comes we will have to look into it. There's no precedent of that and there's nothing in our rules that specifies on that."
Some leagues, such as the MLS and English Premier League, include teams from differing countries.