The 27-year-old attacker received his first call-up to the Spain squad after an injury to David Villa, as he continues to excel following last year's arrival in Wales
The Danish boss insisted the former Rayo Vallecano forward, who recently received a debut call-up to Vicente del Bosque's Spanish national team squad, would cost an astronomical sum last December.
And Jenkins has reiterated that valuation, believing that both the current market - which saw Gareth Bale make a world-record move to Real Madrid - and Michu's la Roja call-up only enhance his value.
"We've seen with Tottenham and Gareth Bale that every player has a price. We are not in that bracket with Tottenham but they sold a top player. We are realistic about that side of things," Jenkins told the Daily Mail.
"I would say Michael was about right with his valuation of Michu if you look at the current market, but this call-up enhances that further. We know we have a very talented player and naturally we want to keep him."
Jenkins is delighted Michu has received a well-deserved call-up to the Spain squad, replacing the injured David Villa, and believes it strengthens Swansea's growing reputation.
"As a club we are delighted he has got the call-up for Spain," he continued. "It is fantastic that he has been included in the Spanish squad because of his performances with Swansea in the Premier League.
"It is a massive compliment and achievement for Michu and Swansea City that he has been called up by the current European and world champions. It is not an easy squad to break into, but his commitment, work-rate and level of performance since he joined us has been first class.
"He enjoyed a successful first year with us and he has continued his form into this season, which is great to see. We are looking forward to seeing him continue his success here at Swansea in the Premier League and hopefully with Spain at international level."