The Dutch midfielder swapped Spain for south Wales when a season-long deal was arranged last July, and so far has made 24 appearances.
Villarreal were relegated from La Liga at the end of last season, having started it with a place in the UEFA Champions League, and are currently fifth in Segunda Division.
Swansea manager Michael Laudrup moved to bring de Guzman to the Liberty Stadium after the pair worked together at Real Mallorca, but it is Villarreal's situation that the player says will influence any future decisions.
"I expect to talk with Villarreal within a couple of months. Much will depend on if the club returns to La Liga," de Guzman told Voetbal International.
"But whether I will return to Spain or keep playing for Swansea City, that is something I haven't thought about yet. Currently I am just happy I play on a regular basis."
De Guzman was also full of praise for Swansea striker Michu, whose 14 goals in 22 appearances have led to reported interest from Atletico Madrid, Zenit St Petersburg and Anzhi Makhachkhala.
"He makes the difference for us. Last year, I saw Michu score a lot of goals for Real Vallecano in La Liga, but now he is even more effective."