Speculation broke on Sunday that the former Watford hitman had asked to leave the Liberty Stadium for 'personal reasons' amid supposed interested from Norwich City and Sunderland.
However, Jenkins has played down rumours that Graham wants to leave the club, and manager Michael Laudrup admits that the 27-year-old could still be with the Swans next month.
"At the moment there is no substance to this whatsoever," said Jenkins.
Laudrup added: "If he comes and says he wants to leave and there's a very good offer we'll have to look into it.
"[But] it could easily happen that we have exactly the same squad in February as we have now."
Swansea travel to Sunderland on Tuesday night in the Premier League.