Michu may not play for Swansea City again, says chairman Huw Jenkins.
The Spain forward was a £2m signing from Rayo Vallecano in July 2012 and enjoyed a sensational debut season, scoring 22 goals in 43 appearances.
But injuries and a loss of form during 2013-14 saw the 29-year-old join Napoli on loan at the end of the campaign, with injury striking again this season.
"His future is pretty much in the balance, he's got one year left with us on a contract," Jenkins said.
"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.
"It's trying to get him right to play football and enjoying playing football again.
"If he can get through this period with his fitness and get back to the level he was at, he's going to be a good asset for somebody."
Napoli have an option to buy Michu but after injury limited the player to just five games this season, it is unlikely the Italian side will be keen to exercise that option.
While Jenkins suspects that Michu has played his last game in a Swansea shirt, the chairman is still mindful of the part he played for them on the pitch.
"Michu was signed and he had a fantastic first season with us in the Premier League," Jenkins said.
"The second year was difficult for him with injuries and how the season panned out.
"He took a decision at the end of last season to perhaps look at something abroad for him... to get back to full fitness and see where his career could go.
"Hence we had the loan option with Napoli which we went along with.
"It was unfortunate for him that injury-wise probably had a big bearing on his future with Napoli.
"He had an operation in January and it looks like hopefully he'll be getting back to fitness now, but it'll be coming at the end of the season."