Sporting Gijon are reported to be mulling over an offer from Birmingham for midfield ace Michel.
The Blues are believed to have tabled a bid of around €3million (£2.7m) for the highly-rated 24-year-old.
The Premier League outfit are also said to have included a clause in the deal which would entitle Sporting to 10 per cent of any future sale.
The Primera Liga side are reluctant to part with Michel, a product of their youth academy, but accept that financial worries may force their hand.
Club boss Manuel Preciado is hoping Birmingham's advances will be knocked back but he accepts that the board of directors, who are currently weighing up the merits of a sale, will have the final say on the matter.
"Michel is a very important player for us," he said.
"Maybe he is not playing at the highest level at the moment, but his progress will be best served here.
"That is only my opinion, though, and it will be the directors to make the decision."