Michael Laudrup admits he will need to dip into the January transfer market after confirming Michu is set to undergo ankle surgery, but admits securing a deal to bring in Iago Aspas on loan will be difficult.
Michu, who has scored 28 goals for the Swans since joining from Rayo Vallecano in the summer of 2012, has been hindered by ankle and knee issues throughout the current campaign.
The Spain international's frustrations have been clear to see and manager Laudrup revealed the player will need to undergo a procedure on a long-standing problem with his right ankle which is expected to keep him out for six weeks.
''It's not good news,'' said the Dane. ''Unfortunately it has been confirmed that he will need an operation.
''It can be done in the next week and he should be back playing in around a month and a half.''
The loss of Michu further dents Swansea's attacking resources with winger Nathan Dyer likely to be sidelined until February after suffering an ankle ligament injury in the recent draw at Norwich.
Laudrup admits the combination of the two injuries means he will look to bring in a forward during the January transfer window, probably on loan.
Among the players Laudrup has been linked with a move for is Liverpool striker Aspas, who he actively pursued last summer.
But Laudrup believes it may prove a difficult deal to pull off.
"He is an interesting player, he was on our list in the summer," he said.
"But he is at Liverpool and they have injuries too.
"Daniel Sturridge is out at the moment, so apart from Luis Suarez they don't have many forwards right now so I don't think that will happen right now.
"But we have 31 days to do things and there will be a big race as a lot of clubs need players, maybe in the same positions we are looking.
"So we will try to do our best and try not to talk about certain players because sometimes when we do that they end up going elsewhere."
One piece of good news for the Welsh club ahead of their Boxing Day trip to Chelsea, is that left-back Ben Davies has signed a one-year contract extension to commit himself to the Liberty Stadium outfit until 2017.
The 20-year-old has excelled since being thrust into the first-team when Neil Taylor broke his ankle in September 2012, and was an integral part of the squad which won the Capital One Cup and finished ninth in the Premier League.
And Laudrup was full of praise for how the Wales international has taken his chance.
"It is a positive story for Ben, for Swansea and Wales," said Laudrup. "It is always good to see local players come through.
"He came in when Neil Taylor got a serious injury. He got a chance and the rest is history.
"He is doing well, his attitude towards the game is great and he is still young.
"He has already done a lot but every day in training he wants to improve. He doesn't think he has arrived and that is the right attitude.
"I am sure one day - although it may not be good news for Swansea - we will see Ben at one of the top five or six clubs in the Premier League."
Swansea enjoyed a memorable 2-0 win at Stamford Bridge back in January in the first leg of their Capital One Cup semi-final.
Many would see a repeat as unlikely, but Laudrup believes a positive attitude is key.
"When you go to Stamford Bridge it is always tough," he said. "They won the Champions League and last year won the Europa League so they are a great team.
"I watched the game against Arsenal and looked at their bench and saw David Luiz, Samuel Eto'o and Juan Mata there.
"A lot of these players could play against us, they could just put in the seven from the bench and they are all great players.
"We have to have the confidence we can get something, we have done it before, but you need a lot of things to go right for you to get something at Stamford Bridge."