Central defender Vitorino Hilton has signed a one-year contract extension with Montpellier.
AC Milan have completed the permanent signing of defender Cristian Zapata from Villarreal for an undisclosed fee.
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.