The Welsh club lost their crucial showdown with Southampton on Tuesday, and Huddersfield managed to get a point against Champions League-chasing Chelsea the following night, meaning it's all but confirmed they will be playing Championship football next season.
Despite winning over fans and the media with his personality, Carvalhal has ultimately failed his one and only objective after taking over from Paul Clement earlier in the season, and now he's set to depart, as reported by the Mail.
The Portuguese tactician was brought in on a deal until the end of the current season, and bosses will apparently not seek to extend that and instead hunt for a replacement.
Interestingly, before Carvalhal was brought in in December, the Swans contemplated swooping for former manager Michael Laudrup, but the Dane could not leave Qatari club Al Rayyan at the time.
The ex-Barcelona star, who delivered a League Cup in 2013, left the Liberty Stadium in February 2014 after getting the sack for a run of six defeats in eight league matches.
Laudrup's agent Bayram Tutumlu said: "Huw Jenkins [the chairman] asked me about Michael but Michael could not leave his club. Swansea has a very good relationship with Michael and Michael did many great things there. He could not come back. It was before they took Carvalhal."
It will be interesting to see if once the season ends, Swansea try again secure the services of Laudrup - many felt that his sacking was harsh following the successes he had brought earlier on.