Swansea boss Michael Laudrup has had to put off talks over a permanent deal for Jonathan de Guzman until the summer.
The Holland international has enjoyed an excellent season on loan at the Liberty Stadium from Villarreal, and grabbed a double in the Capital One Cup final. De Guzman is keen to remain in south Wales, and Laudrup had hoped to begin talks with the player's agent and his parent club in order to sort out a full-time move.
But with Villarreal still in with a chance of securing promotion back to the Primera Division, Laudrup expects to have to wait for the season to conclude before the Spanish outfit make a decision over the 25-year-old's future. He said: "I think generally from now it is very difficult to do anything before the end of the season, not just with Jonathan but for all clubs."
The Dane added: "We are in the last third of the season and not everyone is like Swansea with a trophy and 40 points. A lot of players are playing to not be relegated, to go into Europe, into the Champions League.
"A lot of clubs don't know what next season holds for them, the last eight or nine games are so important. Everybody will have to wait until the end of the season for that reason. If a club do not know if they will be relegated or stay up, play Europa League or Champions League, their project or the coming season is not decided.
"Villarreal are fifth in the second division so they don't know what league they will be in and they don't know what they will do with Jonathan. I know what he wants but it is Villarreal who decides what will happen. If they want him back we can't do anything."
Laudrup also played down reports of a move for Sevilla defender Alberto Botias. The centre-back has been quoted in the Spanish media claiming Swansea had made an offer for him in January, and could try again this summer.
But Laudrup has a number of potential targets to evaluate before beginning his transfer business.
He said: "This is only the beginning, there will be a lot of rumours especially with players from Spanish league. I don't recall us making a bid for him, maybe he received an offer from someone else, it was not my money.
"I am aware of him as a player but I can tell you 35 players I am aware of in the Spanish leagues. He is a good player but there are a lot of good players in that position, he may be on a list but it is a long list."