But a club statement said that Swan had withdrawn his interest as he was unable to reconcile "fundamental issues".
Swan made an initial offer for the club in December, but withdrew his interest after the proposal was rejected.
Harriers released a statement last week saying that they had accepted Swan's offer.
"The club has received a formal offer from Chris Swan," it said. "The board has agreed, subject to contract, to all conditions within Mr Swan's offer."
Harriers were given a five-point penalty by the Football Conference in January, for financial reporting irregularities.
But the club remain just four points adrift of the play-off places, having lost just one of their last eight league games.
Harriers' plight has forced them into placing top scorer Chris McPhee on the transfer list.
The club say that the board is now consulting with their legal advisors to assess further options.