Llorente, 32, missed Sunday's Premier League clash against Middlesbrough due to an ankle injury, with the Swans struggling in the absence of their top scorer as they toiled to a goalless draw.
Speaking after the stalemate at the Liberty Stadium, Clement bemoaned the absence of the Spain international, admitting the striker remained a doubt for the visit of Mauricio Pochettino's side.
But speaking at a press conference on Monday, Clement's outlook was brighter.
He told reporters: "All of those that played yesterday are fit. Llorente is touch and go. It will be tight, but it is a possibility.
"He has responded well to treatment. Wednesday is going to be tight but it is possible. I think the weekend is more realistic. It won't drag on, it is a minor thing. He was comfortable to train with it, but it has settled down and hopefully he is back shortly."
Jordan Ayew was tasked with leading the line against Boro on Sunday with the club's record signing Borja Baston left on the bench.
The former Atletico Madrid forward has managed just 39 minutes of Premier League football since Clement took over in January but the Swansea boss insists he has faith in the Spaniard if he decides to call upon him.
"I have faith in Borja, he would not be on the bench if I did not. I think he can have an impact, I have to decide if guys on bench can make a difference," he said.
"Borja is training very well. Oliver McBurnie has been back involved again and they just have to keep doing their thing and when I call upon them, be ready to take their opportunity."