Reports north of the border suggest there are other Championship and some Premier League interest in Sunderland top scorer Stewart.
The Black Cats are determined to hold onto their star player, who has netted 18 times this season, as they push for promotion back to the Championship.
It is no surprise there would be strong interest in Stewart, though, given his form for the club.
The Daily Record report: “Swansea are one of a number of clubs who are eyeing Sunderland star Ross Stewart.
“The Welsh side are believed to have sounded out the Black Cats about their top scorer as Russell Martin eyes a jolt in the final third.
“Sunderland don't want to sell their 18 goal Scottish hitman amid their own League One promotion push.”
Meanwhile, West Ham United have recalled Frederik Alves from his loan spell at Sunderland.
The central defender made ten appearances for the Black Cats after arriving in the summer, but struggled for regular game time and did not start a League One game.
The Premier League club have therefore moved to bring an early end to the loan, as expected.
Though Lee Johnson has said that he expects there to be opportunities for Arbenit Xhemajli and Ollie Younger to impress in the near future, it is likely that Sunderland will now go back into the market.
Alves’ return to his parent club means they now have another slot for a further loanee to take a place in the matchday squad.
Sporting Director Kristjaan Speakman said: “Throughout Freddy’s loan, we have remained in regular dialogue with him and West Ham United regarding his programme.
“He’s progressed and he’s matured off the pitch, but he’s missing the frequency of games required at this stage of his development and we collectively understand the need for him to be playing regular football.
"Having reviewed this with his parent club, we agreed that it is the natural solution for him to return in January to plan out the second part of the season. We thank West Ham United and we wish Freddie well in his career.”