After seven losses in 10 games under Marcelo Romero, Malaga are set to gamble on a fresh managerial appointment by employing Michel to the La Rosaleda dugout.
The former Spain international has coached Sevilla and Olympiacos but most recently took charge of Marseille, where he was sacked in April 2016 with the French side 15th in Ligue 1.
Malaga have already confirmed the exit of Romero, who replaced Juande Ramos in late December, and MARCA understand that Michel will be appointed imminently.
