McDonald is currently playing with Williamstown in the VFL and has featured in the side's five games, averaging 15.2 disposals, 7 marks, and 3.6 rebound 50s.
According to Marc McGowan of The Age, the Swans have shown interest in the 27-year-old, who played 81 games with the Demons and five in two seasons with the Blues, before being delisted at the end of last season.
Speaking to the publication, McDonald's VFL coach Justin Plapp said there would be a time when both McDonald and his former Melbourne teammate Marty Hore would put their hand up to get another chance.
"We always knew when we got them [McDonald and Hore] to our club there was going to be a chance something like this could happen," Papp said.
"They have aspirations to play at the highest level they can, and that's the AFL. We're having ongoing conversations around that, and as a club we will support them the best we can - they can't do much more."
The Swans' potential pursuit of McDonald, a 196cm defender, comes as its backline stocks have taken a hit in recent weeks, with Paddy McCartin currently on the sidelines after suffering his tenth concussion in an innocuous incident against Port Adelaide in Round 4.
Veteran defender Dane Rampe won't return until after the bye as he continues to work through a neck injury suffered during the same game, while Tom McCartin and Robbie Fox have also sustained concussions in recent weeks.
Essendon are said to be monitoring McDonald as the club aims to replenish their tall stocks with defender Jayden Laverde out for five to six weeks after undergoing surgery on his AC joint, and key forward Peter Wright still three months away with a dislocated shoulder.
Williamstown are scheduled to face Collingwood for their Round 7 VFL clash this Sunday at DSV Stadium.
The 2023 Mid-Season Draft is scheduled for Wednesday, May 31 and will be held remotely.