The Spanish forward has been linked with a loan move to the Italian side, having scored just six goals in an injury-affected second season at the Liberty Stadium.
Chairman Huw Jenkins told the South Wales Evening Post: "Napoli have enquired about Michu and we have been talking to them and to Michu's agent.
"But there are other options and nothing is finalised yet. The nature of the transfer? We are discussing various options."
Michu scored 22 goals in his first year in Swansea.