The Spanish international, who recently underwent an ankle operation, has not featured for the Swans since the middle of December.
Despite admitting that he does not want to rush Michu in his return to fitness, Laudrup believes that the 27-year-old has a chance of playing at the start of next month.
"We well know it is one thing to be fit, and another to be match fit," the Dane is quoted as saying by Sky Sports News.
"So I don't want to put pressure on Michu and say he will back in the derby and have everybody think he can play 75 minutes without a problem and be at his best.
"I think we can all agree what when we play Cardiff we will need everyone at their best and normally when you have players who have been out for quite some time you have to ease them back in.
"So even if he is fit to play it is not likely he will start. If he could play 15 or 20 minutes, I do not know."
Swansea continue their Premier League campaign on Saturday when they face West Ham United at Upton Park.