Hoolahan was expected to be a target for Championship clubs but has so far remained at Carrow Road during the club's tumultuous start to the season.
New Swansea boss Paulo Sousa has struggled to recruit new faces since replacing Wigan-bound Roberto Martinez, and has pinpointed Hoolahan, along with former Norwich loanee Alan Lee, as a potential recruit.
New Norwich boss Paul Lambert, who confirmed Ian Culverhouse and Gary Karsa as new members of the backroom staff while retaining Ian Crook, has tomorrow's clash with Wycombe and Monday's televised Carling Cup tie with Sunderland to decide whether he needs to make any changes in the personnel department. The departure of Hoolahan could help fund any new arrivals, although the 11 new faces that arrived over the summer have yet to fully bed in.