The two Australian television presenters, who co-host daytime TV show The Circle, were believed to have fallen out over Swan being nominated for three Logie Awards recently.
According to The Daily Telegraph, Drysdale made a statement at a Logie production meeting saying: "If Chrissie Swan gets the Gold Logie, I'm handing my two back."
When asked about the reports, Swan insisted that her fellow TV star was "as excited for [her] as anyone", while Drysdale said: "I love all of the nominees. Anyone who wins it deserves it."
Although Swan didn't win the Gold Logie, she was awarded the prize for 'Most Popular New Female Talent'.
The Gold Logie went to Today presenter Karl Stefanovic, Underbelly actor Firass Dirani won the 'Graham Kennedy Award for Most Outstanding New Talent' and Richard Roxburgh was named 'Most Outstanding Actor'.
Last month, television star Eddie McGuire slammed Swan's three Logie nods, likening them to voting for "the dumb kid in the class to be the class captain just to gee up the teachers". She was reportedly later comforted by fellow nominee Adam Hills.