How to check position of a dropped item

Basically, I have a procedure in "item is dropped", and it has to check the position of an item and send it to an entity.
I have no problem with doing the rest, but actually getting the position of the item is not that simple.

See given X, Y and Z cordinates are of the player, not of the item, so I think the only solution, is to check for the nearest item entity and get's it's position and send it.

But is there no other way? Because this could potentially hurt performence.

It seeems like it's not possible at all, but I would be glad for any anwsers.