The Spaniard, who was signed for £2.2m from Rayo Vallecano last summer, has scored 21 goals in all competitions and has also helped the club to victory in the League Cup.
"Michu has been outstanding, more so than anybody expected, and he's won a trophy too," Laudrup said.
"Everybody now recognises that maybe he has been the best buy for many, many years. There is so much quality with him."
Michu has earned the Welsh club eight Premier League points through his equalisers and winners, but Laudrup feels that his side have to find goals from elsewhere.
He said: "We can't put all the pressure on his shoulders for goals next season and always expect him to score. We will need to find goals from other places."
The 27-year-old was overlooked for the PFA Player of the Year shortlist and now Laudrup feels that Tottenham Hotspur's Gareth Bale will win the award.
He added: "I'd go for Gareth Bale. He's a fantastic player and has had a huge impact on the season."
The Swans travel to Chelsea in the Premier League this afternoon.