The defensive duo are said to have been involved in an "exchange of words", though Swansea denied any physical altercation occurred between the pair.
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A member of the public who witnessed the incident notified the police, who subsequently spoke with club officials but took the issue no further.
"Chico Flores and Garry Monk had an exchange of words at the training complex, which is not uncommon between players in training grounds across the country, but no threats or altercations took place between the players in question," a statement from the club read.
"It's understood a member of the public phoned the police, who felt no action was required. The matter has been dealt with internally and is now concluded."
A statement from South Wales Police added: "Police were called to the Swansea City training ground at around 1.30pm (GMT) on Friday 17 January.
"Club officials were spoken to and no police action was required."
Michael Laudrup's men have endured a torrid run in the Premier League, with the Welsh outfit failing to win in their last eight top-flight encounters including three straight defeats.
Swansea's latest setback came in a 3-1 loss to Tottenham at the Liberty Stadium on Sunday.