Napoli president Aurelio De Laurentiis claims negotiations with Swansea over Michu are "well under way" but that no agreement has been reached.
The Spanish forward had a revelatory first season at the Liberty Stadium following his low-key arrival from Rayo Vallecano, but he was hampered by injury last term and managed just six goals in all competitions.
Napoli, managed by Michu's compatriot Rafael Benitez, have been long-term admirers of the 28-year-old and are understood to be keen on a year-long loan with the option of a permanent £8million to follow.
Michu's fitness issues last season mean the structuring of that deal could be a sticking point with Swans, and De Laurentiis admitted nothing concrete has been decided.
"Some situations will begin to unlock in the first days of August. We are not only looking for the name, but a profile that is useful to the team and the coach," he told Calcionews24.
"Michu? Negotiations are well under way for months but there is still no agreement reached."
Another member of Swansea's Spanish contingent, Pablo Hernandez, is the subject of interest from Qatari club Al Alarabi as the squad left behind by Michael Laudrup continues to be reshaped by Garry Monk.