PSV have claimed that they were not aware of Swansea's interest in full-back Santiago Arias, according to De Telegraaf - via Sport Witness.
The Premier League club have been linked with a move for the Colombian defender, but have not yet acted on the reported interest.
Arias could be made available by PSV, however, with technical manager Marcel Brands having admitted that players may need to be let go for financial reasons.
"This is one of the hardest situations at PSV in the seven years I'm here now," said Brands. "The consequences for the club are big. We will have to close the financial gap. How? We have to look at that."
But Arias is still believed to be in the plans of coach Phillip Cocu ahead of their Eredivisie fixture against Roda on Sunday.
The 25-year-old is currently sidelined with an ankle injury but is expected to return to full training this week.
PSV are not believed to have been contacted by Swansea, although the Premier League club could look to begin negotiations in the coming days.
Arias, who has won 32 caps for Colombia, joined the Dutch side from Sporting CP in 2013 and is under contract until 2019.
Speaking after Arias signed a contract extension with the club during the 2014-15 campaign, Brands said: "He is the perfect model of the modern defender: pacy, powerful and attack-minded. There are not many players with such qualities."