Swansea have held a long-term interest in Aspas and lost out to Liverpool for his signature from Celta Vigo in the summer.
Aspas, who has recently returned to fitness after a thigh injury, has struggled to make an impression at Anfield since arriving at Liverpool.
The 26-year-old has yet to score in seven appearances and is currently down the pecking order in Brendan Rodgers' first-team plans.
A number of Spanish sides have been linked with a loan move for Aspas, but Michu has revealed Swansea's Spanish contingent are hoping the forward will join them at the Liberty Stadium.
"We (the Spanish players) are hoping he can come here on loan," Michu is quoted as saying in the Daily Mirror. "It would be a pleasure to play with him. Iago has had injuries, but he has quality. He deserves to play in the Premier League,"
"He has been unlucky. At Liverpool, they have Luis Suarez and (Daniel) Sturridge, who have scored a lot of goals. Suarez is, along with Diego Costa and others, one of the best strikers in Europe."