The former Chelsea winger made the move to Eastlands for £6.2million but has struggled to get regular first-team action under Roberto Mancini.
The Italian coach has now indicated Sinclair will more than likely be allowed to leave them at the end of the season and a move back to the Liberty Stadium has been mooted.
Laudrup appears keen on bringing him back as he looks for quality additions to his Swansea squad when the transfer window reopens.
Laudrup said: "We have to make some decisions when we start talking to people about what is possible and what is not. Because it is one thing having names on paper and another when you start talking about salaries, transfers and all that.
"But he (Sinclair) has quality. He has already shown it and we will see what decisions we make on that for the future.
"Good players in his position are always an option and he has a British passport which is another thing we have to look at in an overall perspective."