Skysports.com understands that Swansea have rejected an approach from Steve McClaren's Wolfsburg for defender Ashley Williams.
Reports throughout January have stated that the Wales international has been attracting interest from a number of clubs, including members of the Premier League.
Williams agent announced earlier in 2011 that his client would be staying with Swansea until at least the summer, while the club do not want to sell as they chase promotion from the Championship.
But Wolfsburg are the latest side to be linked with the 26-year-old, who is under contract until 2013.
McClaren has yet to impress in Germany, despite already spending a lot of money since taking over last summer, and he is understood to want to strengthen his defence.