The young midfielder made just two starts and two substitute appearances for Steve Evans’ side, and he struggled to make an impact in the first-team set-up during the last months of his spell.
An England youth international, Swift made his first-team debut for the Blues last season, coming on as a substitute in the last Premier League game of the season, and he is held in high regard by the Stamford Bridge management - with comparisons to Blues legend Frank Lampard outlining his potential.
The 19-year-old has spent the last couple of days training with the Tractor Boys, and Independent Ipswich Town is reporting that it is with a view to agree a deal for the youngster. The loan deadline on Thursday is close to passing, and manager Mick McCarthy is said to be keen on finding cover for the injured Jonny Williams in the middle of the park.
The club have until 5pm on Thursday to agree any deal, which could see Swift stay at the club for an initial 93-day period. It is believed that the deal is yet to be completed, but any talks are likely to be in advanced stages with the player already at Portman Road.
The move represents a promising step for Swift, who appeared to move backwards following his switch to Rotherham. The youngster will likely be a key feature of McCarthy’s plans whilst Williams recovers from injury, and he will be playing in a team riding high on confidence and in the play-off places - just four points off top spot.
Should he complete a short-term deal, Swift will be in line to feature this weekend, with Ipswich travelling to London to face promotion rivals Charlton.