The Swans pulled off a major coup over the summer by acquiring the services of the 20-year-old, who already has five trophy wins to his name, including the Euro 2016 championship with Portugal.
However, Clement insists that, despite Sanches's status as a marquee signing, he will have to work for a first-team berth, an arrangement that his parent club is also happy with.
The Englishman told reporters on Thursday: "My initial call went into Bayern CEO Karl-Heinz Rummenigge. I worded it as 'if you don't ask and don't get'.
"He said there was a massive amount of interest in Renato and so I left it for a couple of weeks. In some situations it looked like it would be difficult to do it, then it got nearer and then it got further again but I was delighted to get it over the line.
"There are no guarantees and Bayern were of the same view in that he has to show merit to get into the side. I am happy with that arrangement but at the same time I brought him here to contribute."
Clement has worked with Bayern manager Carlo Ancelotti at a number of clubs and was himself at the Allianz Arena as assistant manager during the second half of 2016.