Swans chairman Huw Jenkins told the club's official website: "It was always our intention to try and keep hold of Andy, who in turn, always wanted to commit his future to Swansea City.
"The interest and bids he has attracted from other clubs highlight how highly he is rated within football circles.
"Andy is ambitious and wants to play in the Championship. I'm sure we can get there together."
This is excellent news at the end of a difficult week for the Swans.
There are strong rumours that Wrexham's Denis Lawrence is amongst one of four possible targets for Kenny Jackett as he aims to bolster his defence before the transfer deadline closes at the end of August