The Welsh club are on the lookout for a new manager after sacking Michael Duff earlier this week following a horrendous run of form.
Davies has by far been their top target and he previously worked at Swansea under Brendan Rodgers over a decade ago.
However, Tottenham rejected their approach for the 38-year-old, who joined Spurs in the summer as part of Ange Postecoglou’s staff.
The Spurs boss does not want to lose a trusted coach, but it has been claimed that Swansea have not completely ruled out getting Davies yet.
It is still not certain whether they are considering making another approach to Tottenham for their coach.
However, Davies very much remains in their thoughts given he has been their top target.
It remains to be seen whether the Spurs man himself pushes for a move in order to start his career as a head coach at Swansea.