The Spain international has been forced to undergo ankle surgery and a further painkilling injection since his last game on December 15 against Norwich.
"Michu joined the squad for training on Friday and Saturday," said Swansea physio Richard Buchanan. "He will do gym and pool work for the next two days as part of his graded return, before joining the group again for training on Wednesday.
"He has had a good response since having the injection a fortnight ago. We have still got to manage his return carefully, but he is champing at the bit to play as soon as possible."