The South Korea international was loaned to Sunderland before the 2013-14 campaign by Monk's predecessor Michael Laudrup, and he impressed at the Stadium of Light.
Sunderland boss Gus Poyet is reported to be keen to take Ki to the north east on a permanent deal after he helped them avoid Premier League relegation, but Monk has plans for the midfielder at the Liberty Stadium.
"I think Ki is a quality player and, as things stand, he will be with us next season," the Swansea boss told the South Wales Evening Post .
"Ki can add quality to our squad, he proved that with his performances at Sunderland last season.
"If he is with us next season and he plays, and he does well, we will then look at extending his contract."
Ki is currently away with South Korea's squad ahead of the World Cup.