City coach Warren Joyce is desperate for a striker since falling out with Fonaroli in November, and is keen to link up with Keogh who he worked with at Leeds United as a youth coach, according to the Herald Sun.
A-League clubs are not allowed to pay transfer fees, meaning that a swap deal is the only realistic option for a club to secure Fornaroli's services before his City contract expires in May.
According to the report, Fornaroli prefers to stay in Australia and is close to obtaining Australian citizenship.
City held talks with Adelaide United who are also on the hunt for a striker but no deal was reached.
It is understood that Sydney FC, prior to signing Adam Le Fondre, attempted to poach the 31-year-old away from City.
This potential transfer, combined with a heated clash with Joyce over 'skin-folds' is what caused Fonaroli to be dropped in November.
Keogh, 32, has scored 47 A-League goals in 105 games for Glory, and like Fornaroli will see his contract expire in May.
The report suggests that Perth are willing to offer Fornaroli "a multi-year, marquee deal."
