Sousa left the Swans in order to join Leicester, leaving the npower Championship outfit in the hunt for a new manager ahead of the 2010/11 campaign.
But Reid will definitely not be his replacement as talks between the two parties never got going after the Accies chief insisted he was staying at the club.
"Our chairman (Ronnie MacDonald) was asked by Swansea Football Club for permission to speak to our manager, Billy Reid, regarding an opportunity for Billy to take over as manager of Swansea," Hamilton chief executive George Paterson told his club's official website.
"Ronnie met with our manager and after discussions Billy has decided that he did not want to pursue the opportunity at this time and declined the invitation."
"Billy was flattered by the approach from a club with the stature of Swansea but he feels obliged to see through the unfinished work he has at Hamilton."
Reid added: "I remain hugely ambitious and want to progress in management but with this offer the timing was wrong. On top of this I have a superb working relationship with our chairman, Ronnie MacDonald, who gave me my first opportunity in management at Broadwood and that is my ultimate reason for staying."
Source: PA
Source: PA