Black Cats boss Martin O'Neill is looking to strenthen his forward line this summer and has been linked with a move for the young Swedish international.
Guidetti has attracted the attention of a number of clubs this summer after a highly successful spell with Dutch side Feyenoord last season, scoring 20 goals in just 23 appearances.
The 20-year-old has reportedly expressed an interest in a move to Serie A after Lazio were strongly linked with a move. However, reports suggest that Sunderland will take him on loan for a fee of £1.5m.
Sunderland are also lining up a £10m move for Wolverhampton Wanderers striker Steven Fletcher.