Leeds teenager Alex Purver has agreed a new one-year deal with the club.
Everton are reported to have cooled their interest in Barcelona winger Adama Traore but could re-sign Gerard Deulofeu from the Catalans.
The 27-year-old joined the Swans in the summer of 2011 when Brendan Rodgers paid Watford more than £3million for his signature.
But since Michael Laudrup took charge, Graham has struggled to command a regular place - starting less than half of their league games so far this term.
Graham has scored five goals so far this term, including two in his last two games.