The Swansea manager plans to hold summer talks with Michu to determine whether the 29-year-old wants to return after an injury-hit season on loan at Napoli, where he made only two league starts and has not played at all since the end of October.
Michu scored 22 goals in his first season at Swansea after signing from Rayo Vallecano for £2.2million in July 2012 and was capped by Spain, but he is now expected to be looking for a fresh start after two injury-riddled campaigns.
"We'll speak in the summer and see how he feels about where his future lies and sort it out from there," Monk said.
"It was Michu's decision last summer to move to Napoli and I supported that decision for various reasons.
"It's unlikely Michu's opinion has changed suddenly after being away from the club for a full year and wanting to try something new.
"You would imagine he'd want the same, but until I hear from him I don't know what he wants to do this time around."
Swansea conclude their best ever Barclays Premier League campaign at Crystal Palace on Sunday with a guaranteed finish of eighth and a record points total.
Victory at Selhurst Park would take them to 59 points - 12 more than their previous best in their inaugural Premier League campaign in 2011-12 - but Monk is wary of Palace being fresh from winning 3-1 at Liverpool and carrying a real forward threat in the shape of Yannick Bolasie, Jason Puncheon, Wilfried Zaha and Glenn Murray.
"They were fantastic against Liverpool and they've got a good blend of players, especially attacking-wise," Monk said.
"Alan Pardew has done a great job since going there from Newcastle and is building a good team.
"The run they went on when he took over and to get them where they are now shows how difficult it will be for us.
"They also have a possibility of moving up another two places in the league so they're going to be scrapping for that."
Pardew said Monk had his vote for manager of the year and the Swansea boss described that as a huge compliment.
"What he said about me meant a lot," Monk said
"He's a very experienced man and he's been great with me when I've spoken to him after games.
"It was a difficult period for him at Newcastle towards the end but you can see from the way he's managing at Palace that pressure is off him.
"It feels from the outside that it's a fresh start for him, he's taken to it well and pushed the team onto another level."
Source : PA
Source: PA