In a week in which the Magpies announced Scott Pendlebury as their new captain, the club will publicly announce Swan's two-year extension at tomorrow's Family Day.
Swan's new deal means he will be wearing the black and white jumper until he is at least 32.
The contract negotiations stretch back to late last year with much speculation in the months since about when the new deal would be completed.
It has all been sorted now and will officially be announced to the club faithful at the Westpac Centre tomorrow.
The Brownlow medallist, who turns 30 on February 25, had originally planned to walk away from the game at the end of this year, saying in 2012 that he had no intention of playing well into his 30s.
But Swan's continued outstanding form and his desire to achieve more success with the Magpies brought about a change of heart.
Swan made his feelings clear at last year's Copeland Trophy when he said he never intended playing elsewhere, despite the loss of some of his best mates.
At the time, Swan said he wanted to be "a Pie for life", saying not even the departures of Dale Thomas and Alan Didak could impact on those feelings.
Swan said that night: "It's a great footy club to be involved with, I love the footy club.
"I certainly don't plan on playing anywhere else - ever. I'll be a Pie for life."
Swan said recently he wanted to have the contract finalised before the start of the home-and-away season.
The prolific midfielder sits right up there among the list of Collingwood greats, having won three Copeland trophies - only Nathan Buckley (six), Len Thompson (five) and Bob Rose) have won more - as well as the 2011 Brownlow Medal and five successive All Australian selections.
The durable Swan had a wrist reconstruction after the Magpies' 2013 season ended, saying he is looking forward to greater strength in both hands this year.
He has played 219 games for Collingwood since his 2003 debut. Only 22 other Magpies have played more games than the decorated midfielder.
Lumumba's decision to re-commit was made public at the Magpies' family day at the Westpac Centre.
Lumumba's career was at the crossroads last year following a private-turned-public spat with Magpies coach Nathan Buckley.
The enigmatic wingman formerly known as Harry O'Brien took time away from the club mid-season to clear his mind.
He returned to play out the season including Collingwood's shock elimination final loss to Port Adelaide.
Lumumba, like Swan a premiership player and All-Australian in 2010, is in his 10th season at the Westpac Centre. He won the Jack Regan Trophy last year for a fifth place finish in the Copeland Trophy count.
The 27 year-old reinvented himself as a wingman in 2013 after spending much of his career as a member of the Collingwood back six.
He has played 178 matches and kicked 25 goals.
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