The Spain international has been out of action since December, making just 12 Premier League outings this term, but could be involved in the side's clash with West Brom
The 27-year-old attacker has only made 12 league appearances this season, scoring twice, and he has yet to feature under Monk.
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Michu underwent surgery on an ankle injury in December but is due to return for the final 10 games of the campaign.
"I would say at this stage that Michu has a chance," Monk told The South Wales Evening Post.
"He trained both days over the weekend and then had a rest on Monday, but he will be working from now on.
"And if he trains well over the next few days, he has definitely got a chance of being involved.
"He won't be starting I wouldn't have thought, but you never know.
"We will have to see how he is in training. In this situation, a lot of it comes down to how the player feel as well. He said the pain he has been feeling has gone now, but we have to make sure we don't rush him.
"I will speak to Michu over the next few days and we will go from there."