Swansea City chairman Huw Jenkins admits no decision has been made over the future of Michu.
The Spanish striker has spent this season on-loan in Italy at Napoli, where he has struggled with injury.
"His future is to be assessed. He has one year left on a contract with us.
"My feeling is that he will unlikely come back with us.
"I'm still waiting for an opportunity to meet with Michu and his agents about how they want to proceed," said Jenkins.