McLeod, 25, is believed to have fallen out with Swansea manager Kenny Jackett and Brian Little has enquired about signing the Swansea No. 14 on a free transfer sooner rather than later.
McLeod is held in high regard among many Swansea fans and can play at left-midfield, left-back or as a striker. He would indeed be a great signing for Rovers but it is doubtful that Tranmere could afford his wage demands.