The forward, currently on loan at Serie A side Napoli, made a huge impact after arriving in south Wales for a bargain £2 million in 2012, scoring 18 goals in 35 Premier League matches in his debut season.
However, the Spain international's second campaign at the Liberty Stadium was dogged by ankle injuries and he was offloaded to Italy for 2014-15.
Further injuries hindered Michu's ability to settle in at Napoli, limiting him to just three league outings.
"I'll assess it in the summer with him. I'll speak to him," said Monk. "I've kept an eye on how he's doing and, as a club, it's our duty to make sure we understand exactly what's going on with Michu.
"I'll just let him worry about his football and, at the end of the season, we'll sit down and see where we go forward from there.
"He's a Swansea City player, he's still contracted to the club. I had good discussions with him in the summer and he's gone to Napoli on a season's loan. He's been injured and he's had a difficult time.
"I think his concentration right now is on getting fit. I'm sure he'll want to finish off the season strong there."
