Marseille coach Michel believes he has the ability to take charge at either Real Madrid or Spain.
Michel made 559 appearances for Madrid in a 14-year spell at the club and earned 65 caps for the national team.
The 52-year-old told Onda Cero: "Any coach would like to lead the national team. I have been cautious in the past, but if he [Del Bosque] leaves, why not?
"I do not want to stop being cautious, but I feel as capable as any coach to train Real Madrid.
"Of course, as a Madrid supporter I hope for a coach that is winning a lot of matches."
Madrid sit 12 points adrift of Liga leaders Barcelona following Saturday's defeat, but Michel does not believe another managerial change is required to turn their fortunes around.
"It is a moment to stop and have a little calmness. Nothing is achieved with coaching changes," he added.
