The 36-year-old striker scored four goals in 23 games for the Swans before a knee injury ended his involvement.
Nugent said he is determined to regain his fitness one last time.
"I played a couple of reserve games recently and my knee did not feel too bad. I'll do a bit of work in the summer and see how I feel," he said.
"With the new transfer window coming in next season, it's probably worth registering myself as a player anyway."
Swansea will move to a new 20,000 seaster stadium in Morfa for the new season, as they look to prove they can cut it in League One.