So it looks as if the Warriors will be hastily looking to off-load players on a permanent or loan basis.
The Northern Ireland international is hoping that the loan move could result in a permanent transfer after the loan expires on 3 January.
And it is believed that Celtic would be willing to listen to offers for the player, who is a product of their own youth system, either on loan or in a permanent transfer.
Ahead of their return to the Premiership the West Yorkshire side have already captured second-row Marco Wentzel from Leicester and Alfie To'ola from Bristol, while prop Juan Gomez has signed on a permanent basis having been on loan from Leinster last season.
Jackett might also be willing to loan Knight out until a permanent move can be concluded.
BBC: Leon Knight has scored 20 goals in 37 games for the Swans
Ryan Bennett, Scott Griffiths, Josh Simpson and Exodus Geohaghon are all on loan with a view to permanent moves.
Simpson initially arrived on loan from Histon before signing a permanent deal in January, while Griffiths joined from Dagenham in October 2009.
The Coventry-born playmaker began his career at Derby County, before securing a permanent move to Port Vale, via a loan spell at Carlisle, in May 2000.
The 32-year-old signed a permanent two year deal in July after being on loan from Bristol Rovers last season.
Galliani had said earlier this week that talks over Shevchenko had stalled, with Milan wanting a loan deal but Chelsea only interested in a permanent transfer.
He joins fellow new arrival Ryan Esders who signed a permanent contract with Quins earlier this week after a successful loan spell from Hull Kingston Rovers.
Delaney has since been restored to the side and kept his place despite Borrowdale arriving on loan from Coventry with a view to a permanent move in January.
He spent spells on loan at Ossett Town and Rochdale before making a permanent switch to Spotland in January 2008.
Mariga joined Parma on a permanent basis in the summer of 2008, after initially moving on loan from Swedish side Helsingborgs.
Celta Vigo insist striker Benni McCarthy will not be moving to Manchester City on loan unless the English club can guarantee to complete a permanent transfer in the summer.
He spent three seasons at Ibrox, figuring in the Gers' domestic and European campaigns, but spent the final season of his stay on-loan with Blackburn, who snapped him up on a permanent basis at the end of his temporary spell.
Parkinson, who took over as manager on a permanent basis on 31 December, has brought in defender Graeme Murty on loan from Reading.
Meanwhile, Derby boss Paul Jewell says a deal has been done to make Craig Fagan's loan move at Hull permanent.
But Mowbray has confirmed he will not be pursuing a permanent deal for central defender Bostjan Cesar following the completion of his season-long loan from Marseille.
The Irishman joined Doncaster in 2005 but went out on loan last season to Oldham and Bristol Rovers, who had been confident of signing him on a permanent basis.
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