Following their League Cup trophy win and solid performances in the Premier League, the Dane has reportedly caught the eye of Spanish giants Barcelona and Real Madrid.
Jenkins told Wales Online: "I think he will be here and he's stated he would honour his contract. As far I'm aware it's not an issue.
"But I think Michael's agent has already commented that talks are on-going. Next summer his current two-year deal finishes and we've got a period of time to make sure we have more security on that.
"It's something over the next few weeks we'll have to speed up a bit and talk a bit further."
The League Cup triumph is Swansea's first major trophy win in their history.