But Donovan, now 34, will not take part in Swansea’s day-to-day activities.
Current chairman Huw Jenkins and deputy Leigh Dineen will retain their roles when the Americans take control but Donovan is seen as ideal to have on the board with football and commercial expertise.
Levien, the managing general partner of Major League Soccer side DC United, and Kaplan, head of a capital investment fund and vice-chairman of NBA franchise Memphis Grizzlies, lead a consortium which has bought a controlling stake of 60% in the club.
Donovan, who was on loan at Premier League side Everton in 2010 and 2012, is his country’s record goalscorer and the second most capped United States international.
The former LA Galaxy and San Jose Earthquakes forward also had spells in the Germany Bundesliga with Bayer Leverkusen and Bayern Munich.