Michu, who was prised from Rayo Vallecano for a paltry £2 million, reportedly rejected offers from other clubs to join the Spanish contingent in south Wales, with compatriots Chico Flores and Pablo Hernandez also joining Rangel and the Swans this summer.
The 26-year-old midfielder has notched 10 goals so far this season, putting him at the top of the goalscorers charts alongside Luis Suarez and Robin van Persie, leading Rangel to emphasise how important it is to retain their No.9.
"That's something the club has to consider and he is a player we can't afford to lose," said Rangel, speaking to the BBC.
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|10/3||Norwich are 10/3 with bet365 to beat Swansea at the Liberty Stadium|
The Swans defender also praised his midfielder’s achievement in reaching 10 goals in less than half a season of Premier League football.
"That's a massive achievement," he continued. "Not many players can score 10 goals in the Premier League. He has done a fantastic job.
“He gives us an aerial threat that we probably lacked a bit before.
"He is feeling comfortable, enjoying his life in Swansea and everyone is happy with him."
Rangel also feels that Michu’s club form could translate into an international call-up for Spain, adding: "There are so many good players that can't get into the squad, but hopefully his goals will catch the eye of [Spain manager] Vicente Del Bosque and he'll get that call."
"It will be very difficult but if he keeps going this way then for sure he will get it."