Wales assistant manager Osian Roberts says Chris Coleman will see out the remainder of his Wales contract.
The 26-year-old who received an OBE in the New Year's Honours List, had been favourite to be Swansea new manager.
The Swans are now expected to appoint Paul Clement but Roberts says Coleman could manage his hometown club one day.
"It is an honour to manage your country and Chris has been doing that with great success and he would be reluctant to walk away from it," he said.
"I think it is inevitable that he is linked with most of the top jobs that are available at the moment, and since the summer, because of the fantastic job he has done with Wales.