The England international has failed to break into Mauricio Pochettino's team this season.
The 24-year old has struggled to make an impact this season and has failed to build on some promising cameos when given the rare chance to start a game.
Townsend is liked by Roy Hodgson for his performances on the international stage, but his lack of game time will put his participation in next summer’s European Championship at risk and he may well push for a move in the January transfer window.
The Swans have been linked with the pacey winger previously and he could prove to be a shrewd addition alongside their current wide options in Jefferson Montero, Andre Ayew and Wayne Routledge.
Townsend’s prospects at Spurs don’t look like improving – with Heung-Min Son and Nacer Chadli’s absences still not providing a path to the first team – and a parting of ways in January could be the best course of action for all involved.