Radio Marca says Michel, who comes off contract at Girona this summer, is a candidate at Ajax, where sporting director Jordi Cruyff is thinking big.
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Manchester City manager Pep Guardiola is being considered, as is former Barcelona coach Xavi. For the moment, Oscar Garcia is in charge at Ajax as a caretaker.
Michel is another being weighed up, though his contract demands may prove too rich for the Amsterdammers.
The Spaniard is on €3-4m-a-year at Girona, with his salary partly covered by City Football Group, which owns the Catalan club.
Michel has also been mentioned as a successor for Guardiola at City, with doubts persisting over the Sky Blues manager's future beyond the end of this season.