The Spanish striker has enjoyed a superb debut Premier League campaign, hitting 19 league goals for the Swans, and Liverpool and Spurs are thought to be among several clubs keeping tabs on the attacker.
But Michael Laudrup's side are under no pressure to sell, and the report claims they're set to slap a £35m valuation on the forward.
Laudrup signed Michu for just £2m from Rayo Vallecano last summer, and he's won praise from the likes of Sir Alex Ferguson and Rickie Lambert this season.
The Swansea boss has moved to quash rumours linking the Spaniard with a move away from the Liberty Stadium, but fresh reports in Spain suggest a mega-money offer could lead to a sale.
The 27-year-old forward was reportedly the subject of two £20m bids from Russia in the January transfer window - thought to be Anzhi Makhachkala and Zenit St Petersburg - while Everton, Spurs and Liverpool would be willing to keep him in the Premier League.
With Luis Suarez banned for 10 matches after biting Branislav Ivanovic, Reds boss Brendan Rodgers is thought to have identified Michu as a potential strike partner.
He's under contract until 2016, but the report claims if he's sold Swansea will turn to £14m-rated Spain striker Alvaro Negredo to replace him.