Swansea chairman Huw Jenkins has dismissed speculation linking the Premier League newcomers with strikers Mariano Pavone and James McFadden.
Argentine striker Pavone, 29, has also been rumoured as a target for Blackburn, Liverpool and Fulham.
And Scottish international McFadden is a free agent after his Birmingham City contract expired in May.
"It's turning into a farce. Supporters are being misled and fooled every day," said Jenkins of the transfer rumours.
He added: "I know speculation and rumour is part of football, especially at Premier League level."
Swansea have signed striker Danny Graham and goalkeeper Jose Moreira this summer, and have also brought in defender Stephen Caulker on loan.
But former River Plate forward Pavone, a free agent following his release from Spanish side Real Betis, is not a Swansea target.
A statement on the Swansea website reads: "The first the Swans hierarchy knew about the interest was when his British-based agent turned up unannounced at the training ground on Thursday morning to speak to Swans boss Brendan Rodgers.
"When he eventually got to speak to Brendan, the figures quoted for Pavone's services were frightening and of no interest to the Swans, even if they had actually seen him play."
Former Everton striker McFadden is without a club and has been linked with a move to Swansea and fellow promoted side Norwich City.
But the Swans have distanced themselves from the Scottish forward.
Jenkins explained his somewhat unusual step of publicly issuing a statement regarding the recent transfer speculation.
"It's often disappointing for supporters when you are linked with players, some of them very good players and nothing materialises," he said.
"If we had signed even 50 percent of the players we are supposed to be in talks with over the last few weeks, then we would not only have the biggest squad in the Premier League but Europe.
"Some of the foreign players we have apparently moved for we haven't even heard of.
"And to make matters worse, some of these players we have never spoken to have then gone on to turn us down because we can't agree terms!"
Rodgers has revealed he wants to add four new signings - a goalkeeper, a winger, a striker and a defender - to his squad before their top-flight opener at Manchester City on 15 August.
But Jenkins has insisted the Liberty Stadium club will not break their wage structure.