Bony's agent Francis Kacou said on Wednesday that he expects "things will be sorted in the next few days" but the reported £30million deal still has to get over the line with Swansea sticking firm on their valuation of the 26-year-old Ivory Coast striker.
"There are talks between the two clubs and at this moment in time it's ongoing," Swansea manager Monk said.
"It is what it is right now and it's out there for everyone to see, but unless an agreement is made and the club are happy with everything I guess it will remain ongoing.
"I don't know the actual inner details, that's what you leave to the club and the chairman himself.
"They have talked about fees but whether they are close or far apart is unclear at the moment - whether they've got to the valuation that Swansea want.
"And that is the most important bit on any player we sell, whether it reaches the valuation that Swansea hold."
Bony made a club record £12m switch to Swansea from Dutch club Vitesse Arnhem in the summer of 2013 and has since scored 34 goals in 70 appearances for the Welsh club.
The Ivorian finished the calendar year of 2014 as the top scorer in the Barclays Premier League with 20 goals and only seven weeks ago extended his contract at the Liberty Stadium until 2018, with Swansea removing a £19m buy-out clause in his original deal while improving his financial terms.
"Buy-out clauses don't mean anything to be honest," Monk said
"Clubs will have to meet a valuation, not just for Bony but for any player.
"It happens all across the world for any player and unless the valuation is met then no business can be done.
"This is the world we live in and these are the discussions that take place.
"But Wilf has shown how committed he has been to Swansea City and until a deal is done - if it is done - then he will have no problems whatsoever with that."
Swansea have a ready-made replacement in Bafetimbi Gomis with the 12-times capped France striker having had to wait patiently in Bony's shadow since joining on a free transfer from Lyon last summer.
The 29-year-old has made only eight starts in all competitions this season but he has scored four times and been linked with a January exit from Swansea himself with Crystal Palace, Newcastle, West Ham and Aston Villa among those reported to be interested.
"I'm not going to have any players left, am I?" quipped Monk.
"Bafe's here and he's a big part of the squad.
"In terms of selection it's been difficult for Bafe because there's not much between them, but Bony has been on good form and kept his place in the team.
"Bafe's chomping at the bit to get in there and I was looking for him in this period to come in and prove what he will want to do, score goals and give 100 per cent for the team."
Source : PA
Source: PA