Swansea are hunting for a new head coach following the sacking of Michael Duff earlier this week.
Davies, who is part of Ange Postecoglou's backroom team, is high on Swansea's list of candidates to replace Duff.
But Spurs, who face West Ham on Thursday evening, have rebuffed an initial approach from the Swans with regards to Davies.
Swansea fired Duff following a disappointing six months in charge, with the club languishing towards the bottom of the Championship table.
Tottenham rebuffed an approach from Swansea for their senior assistant coach Chris Davies
Swansea sacked first-team manager Michael Duff after a difficult run of form
Davies has been working as part of Ange Postecoglou's coaching staff at Tottenham
They'd not won in five matches when the decision was made on Monday.
Davies, 38, was a contender to take over at Swansea before Duff was appointed back in June.
Instead he joined Spurs to work as Postecoglou's No 2, having spent much of his career working with Brendan Rodgers.
He was an analyst when Rodgers' Swansea side won promotion to the Premier League in 2011 and followed him to Liverpool, Celtic and Leicester City.
Spurs entertain West Ham in a London derby on Thursday night.
Alan Sheehan has taken over as caretaker boss at Swansea, who travel to Rotherham in their next fixture on Saturday.