Swansea City chairman Huw Jenkins has admitted that Michu might not play for the club again.
The Spanish forward moved to the Liberty Stadium from Rayo Vallecano for £2m in July 2012 and enjoyed an impressive debut season, scoring 22 goals in 43 appearances.
However, injuries and a loss of form during the 2013-14 campaign saw the 29-year-old join Napoli on loan, with injury hampering him again this term.
"His future is pretty much in the balance, he's got one year left with us on a contract," Jenkins told BBC Sport.
"My feeling is it'll be unlikely he'll be back working with us, but I'm still waiting for a chance to meet with Michu and his agents on how they want to proceed.
"First and foremost it's about working with the player to see what he wants out of it. We can't forget what he did for us, so we've got to make sure we go down that route with him and just work out something he's happy with."
Swansea manager Garry Monk has said that he plans to speak with Michu this summer.
