The 19-year-old announced in a YouTube video this morning that he is in a gay relationship.
A statement from Sparkes said: "Everybody within British Swimming supports Tom and his announcement. It's a very private matter and doesn't change the very positive way in which we will continue to work with Tom.
"Tom is one of the world's leading athletes and has achieved success at every level of competition including Olympic bronze and World gold.
"I hope the media will give Tom the privacy he deserves to allow him to continue to focus on performance as he continues to be an inspiration and role model to millions around the globe."
The sportsman has received a number of supportive tweets from figures within the sporting and celebrity world since revealing the news.