Football Express News understands that Michu is currently in Naples to discuss a one-year loan deal with Napoli.
The Spaniard missed the majority of last season through injury but was thought to be upset with the dismissal of Michael Laudrup last season as head coach, prompting his representatives to find the best possible solution.
Links to Manchester United, which developed before he joined the Welsh side have since vanished, leaving Italian side Napoli to lead the way with interest.
Napoli boss Rafael Benitez is said to be a keen admirer of Michu and would like him to provide competition with the likes of Lorenzo Insigne and Dries Mertens in the forward line.
Three other Spaniards, Pablo Hernandez, Jose Canas and Alejandro Pozuelo, are also thought to be on their way out of the Premier League side with Hernandez set to leave in a cut-price deal, whilst Canas and Pozuelo have been intructed to find new clubs this summer.