Berahino has hardly appeared for West Brom this season as he has been deemed unfit by Baggies manager Tony Pulis.
The former England U-21 striker showed great promise when he burst onto the scene with West Brom, but has hardly played in the past 18 months after he refused to play for the club when West Brom rejected a number of bids from Spurs.
Meanwhile, Ighalo has struggled at Watford this season, scoring just one Premier League goal. Last season was a different story for the Nigerian, who managed an impressive 16 goals in his debut Premier League season.
It therefore appears that both players would benefit from a fresh start and a possible swap deal has been touted.
Both strikers would command a similar fee in the transfer market, meaning that a deal involving no money may be struck between the two clubs.