20-year-old Camacho is not in head coach Ruben Amorim’s plans despite making 26 appearances last season.
The Croatian transfer window closes on Monday, so any developments will have to come in the next few days.
But Dinamo Zagreb are not the only club keen on taking Camacho on loan.
Russian side Lokomotiv Moscow have also registered their interest in the Portugal under-20 international.
In this case, there is an even shorter period of time for something to happen, with Russia’s transfer window shutting on Saturday.
Camacho only rejoined Sporting in June 2019, returning to his homeland from Liverpool for an initial £5m.
He rejected interest from AC Milan, Wolves and Schalke for a Sporting homecoming, but it may turn out to be a short stay.