Speculation over the 27-year-old's future has been rife over the last two weeks with Sunderland and Reading reportedly interested in the player who has expressed frustration at a lack of first team action.
Graham has scored in each of his last four games, including an equaliser to force a third-round FA Cup replay with Arsenal and in Swansea's stunning 2-0 win at Chelsea in the Capital One Cup semi-final first leg.
His partnership with Michu has put his club firmly in the spotlight, but when asked about the prospect of losing Graham, manager Michael Laudrup said: "We have not had an official offer from a club for us to say yes or no to.
"We have not got that. Danny is a good player, he is scoring goals now and we are in the transfer window.
"But it is the same at other clubs. My experience from when I was in Spain is there are a lot of talks and rumours in the first three and a half weeks of the window and a few things get done.
"But then in the last few days or even in the final 10 hours, everything goes nuts. It is like a final sale at the shops so I think it will be the same here, a lot of rumours and talks and then things will get done in the final four or five days."
It would though seem Laudrup is keen on trimming down his squad over the next three weeks.
"I don't like to have too many players. You have to find a balance but I like as few as possible so everyone feels important," the Dane added.
"Some of the players are not happy because they are not even in the squad, they are not travelling with us to Everton.
"They work hard every day, they are professional, but then their names are not on the team list even when we play seven games in three weeks, which means our squad is too big and has to be less."
Despite Wednesday's heroics at Stamford Bridge, Swansea return to Premier League action at Goodison Park on Saturday and will be desperate for revenge after a 3-0 thumping at the Liberty Stadium in September.
"It is our third game this week in three competitions," Laudrup said. "But the league is the most important competition and there are still many games to go.
"We know Everton are a very good team, they are just below the top teams and they played so well here earlier this season and we played badly in the first 30 minutes.
"They are strong and put you under pressure and this will be the third game this week where we are under pressure for some time. The other two have gone well but we know we will have to do very well to come away from there with something."