Michu scored 18 Premier League goals in his debut season in 2012-13, but the Spaniard struggled to replicate that form in his second campaign and spent last season on loan at Napoli, where injuries restricted him to just three Serie A appearances.
The 29-year-old is not a part of Monk's plans for the coming season but Michu, who has been linked with former side Rayo Vallecano, has yet to find a new club.
"We're still trying to come to an agreement that suits both parties and hopefully help Michu find what he needs to find," Monk said.
"But we're in the same situation as I've spoken about before.
"You'd imagine [he'll leave permanently]. He has just this year left on his contract, so we're just trying to come to an agreement that suits Michu himself and this club."
