The Cats on Thursday traded pick No.14 in this year's draft for St Kilda ruckman Rowan Marshall and a third-round selection in 2028.
New Zealand-born Marshall, 30, had requested a move to the Cattery for a second straight year after the Saints recruited Tom De Koning to become their first-choice ruckman.
Cats football boss Andrew Mackie on Monday indicated an unwillingness to part with their first-round pick for Marshall after the St Kilda asked for a player to be attached to the trade.
But Geelong needed to bolster their ruck stocks, with Rhys Stanley retiring and 21-year-old Mitchell Edwards still finding his feet at the level.
Geelong once struggled to attract stars, but have reeled in Patrick Dangerfield, Jeremy Cameron and Bailey Smith since 2015.
Toby Greene's head was turned this year to cross from Greater Western Sydney as a free agent and a trade for Essendon's Jordan Ridley added to their defensive depth.
The Cats are among clubs courting Blakey, but only have one future first-round pick left following the Marshall and Ridley trades.
Geelong were believed to be Blakey's preference, although North Melbourne have emerged as another frontrunner after reportedly tabling an eight-year offer worth more than $11 million.
The 26-year-old chose to join the Swans as an academy player in 2018 rather than being recruited by the Kangaroos as a father-son prospect.
His father John played in North's 1996 and 1999 premierships across 224 club games.
While Blakey is contracted to Sydney until 2031, Swans list boss Chris Keane did not rule out listening to trade offers on Thursday.
"As we sit here right now, these are all hypotheticals," he told Trade Radio.
"It's certainly not something we've actively pursued and we feel confident that he could walk back into our footy club.
"But given the calibre of player that he is, and the fact that he is contracted for five more years, we feel like making any deal happen would be significantly challenging."
Blakey has also reportedly met with St Kilda officials and Gold Coast coach Damien Hardwick.
Essendon are another interested suitor, with Blakey's former mentors Mark McVeigh and John Longmire joining the club and the Bombers boasting salary cap room following the exits of Zach Merrett and Ridley.
"We haven't had any indication off Nick's management that he's looking to leave Sydney," Essendon list boss Matt Rosa told Trade Radio.
"But certainly we've had some discussions internally and we'll continue to do that."
The 2024 All-Australian was one of five players who served a club-imposed ban through the AFL finals for breaching the club's behavioural standards at the Pullman Hotel in East Melbourne.
Any trade for Blakey would likely need to be approved by a club board, given the ongoing police investigation into an alleged sexual assault at the hotel.
Swans vice-captain Isaac Heeney, star midfielder Chad Warner, tagger James Jordon and Blakey were interviewed by police but no charges have been laid.
Riley Bice, another Swan banned for round 24 and the finals campaign, is not being investigated.
In other developments, young Hawk Aidan Schubert has agreed to be traded to Gold Coast in a separate deal that is expected to allow Ben King join Hawthorn as a free agent.
The Suns' 72-hour window to match the Hawks' offer for King or accept compensation, likely pick No.7 in the draft, ends at 4.15pm (AEDT) on Friday.
The Western Bulldogs are yet to file free agency paperwork for Port Adelaide's Zak Butters ahead of Friday afternoon's deadline.
Port can accept draft compensation, which would currently deliver pick No.5, or match the Bulldogs' offer and force a trade.
The trade period closes on Wednesday evening.
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