The 27 year old striker netted nine goals in 25 appearances as the Seasiders earned promotion to the top flight.
Swans chairman Huw Jenkins says no move has yet been made.
He told the South Wales Evening Post: "Stephen is under contract with us and therefore he will be back for pre-season.
"I have never had a conversation with Blackpool about a permanent deal. I haven't heard from them since their win at Wembley."