Swallow, who failed to play a senior game in 2016 and managed just one game in 2015 due to ongoing knee troubles, had been linked with a move away from the club throughout the season.
However, the 24-year-old opted to re-commit to the Suns, citing his passion for his teammates as a big reason for his decision.
“The Gold Coast Suns mean so much to me, I love the club, my teammates, coaches, fans and the Gold Coast and I’m rapt to be continuing my career here,” he said.
“I am excited as anyone about 2017, we have recruited so well, I am super impressed with the new players who have joined the club and the boys are training the house down.
“The last couple of seasons have been challenging for me on a personal level and I appreciate the support I have received from all of you during this time.
“This is probably a strange thing to say, because many players hate the thought of the long hard yards of pre-season training, but I am really enjoying being back out on the track.
Swallow has played a total of 79 games in six seasons with the Suns.