Blackpool are understood to have made an enquiry about their former forward, who has played just nine games this season.
Rodgers appreciates Dobbie will be frustrated at his bit-part role, but the Swansea boss is also wary of allowing players to leave and later requiring cover for injuries or suspensions.
"Stephen is a terrific lad who is working very hard and he has been unfortunate," Rodgers told the South Wales Evening Post.
"Like all players, he wants to play, and some players, I'm sure, will want to go out on loan.
"But I have to protect the club and that means making sure we are not left short for the rest of the season come the start of February.
"I want as many good players as I possibly can have and Stephen is a good player who is still an important member of our group, so we will have to weigh things up."
Bristol City have also been linked with Dobbie, but the Scot could prefer a move back to Blackpool, where he spent time on loan in 2010 and helped the club to promotion to the Premier League.
