Michu underwent an operation on his right ankle on December 28 but he is only expected to be out for another three weeks which will give him a chance to face the Bluebirds on February 8.
However, Michu, who scored 22 goals for the Swans last season, is keen not to rush his return if he has not fully recovered.
"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."