Michu has been troubled by ankle and knee problems throughout the season, and underwent an operation on his right ankle on December 28.
The 27-year-old Spaniard's rehabilitation is expected to take another three weeks, giving him a chance of facing the Bluebirds on February 8.
But the frontman, who scored 22 goals last term, will not rush his return if he is not quite ready for the Liberty Stadium meeting.
"I am improving a lot," Michu told Swansea's official website.
"I have started running and although I'm in a little pain, I am happy with my progress.
"I want to be playing as soon as possible. I am desperate to play because I am happy when I am on the pitch.
"With this injury, though, you need to be careful and see how the ankle is every day so I don't want to say 'I want to be back for this date or game'.
"If I am going to play, I need to be 100 per cent and not just 60 per cent. I want to be fit and I want to play at my highest level, so we will wait until I am fully fit."
Source : PA