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Swansea City are set to bring the curtain down on the saga of fallen star Michu with the club thought to be ready to pay off the attacking outcast.

And it could pave the way for the troubled 29-year-old to sign for a Spanish fourth tier outfit in a desperate last gasp bid to rescue his ailing career.

Swansea have been locked in discussions with the Spaniard’s representatives since the summer when it was made clear from both sides he had played his last game in the club’s colours.

And after an impasse stopped any chance of a transfer from the Liberty before the end of the summer transfer window, it has since been agreed to write off the final seven months of the star’s contract.

That could then see Michu sign with Asturian outfit Union Langreo who play in the regionalised Tercera Division – three tiers below La Liga – where he has been training in recent weeks.

Langreo, managed by Michu’s brother Hernan Perez, were relegated from Segunda B last season and there are suggestions in his homeland the player will sign to try and prove his fitness in a bid to secure a move back up the leagues in the January transfer window.

Indeed, one report in France has identified Michu as a potential target for Ligue 1 giants Marseille should he be able to dispel genuine fears his career is all but over.

(Image: Getty Images)

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It is understood Swansea will not cover all of the wages Michu would have been paid for that period, the former Spain international at one time one of the club’s highest earners on close to £40,000 a week.

Instead, they are likely to fork out a reduced amount to terminate the lucrative contract he signed in January 2013 after a stunning start to life in South Wales.

But it is clear the Swansea hierarchy are keen to wash their hands of the hitman, whose ability to resume his playing days remain shrouded in doubt.

Michu has not kicked a ball in competitive football for more than a year after his loan move to Napoli was wrecked by further problems to the ankle injury that plagued the latter end of his time at the Liberty.

Pictures: Michu's Swans career in numbers

Napoli are thought to have paid a loan fee of around £1m for the year-long loan of Michu with a £6m permanent deal in place if he impressed or he played in a certain amount of games.

With injury preventing Michu from triggering that clause, there had been suggestions he could return to the Swansea fold.

Yet there was never any real possibility in that being an option with manager Garry Monk stressing the squad had moved on and Michu had made it clear he sought a future away from Swansea.

He has not returned to South Wales and has remained in Spain during discussions over his exit.

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Furthermore, it is understood Michu has since undergone a third operation on his problematic right ankle that also contributed to the inability to find him a new side over the summer after initial interest from Deportivo La Coruna, Granada and former club Rayo Vallecano.

Swansea were hailed as signing ‘the bargain of the century’ when Michu arrived from Vallecano in the summer of 2012 in a £2m deal agreed by then manager Michael Laudrup, his 22 goals in his breakthrough Premier League season seeing the likes of Sir Alex Ferguson admonish his scouts for missing out on the energetic attacker.

His form over his first campaign in British football helped Swansea to League Cup glory and helped him force his way into the Spain squad who were reigning world champions at the time.

He was then handed a bumper new Swans deal and a £30m price tag to ward off suitors from across Europe’s top leagues.

Yet personal issues and problems with his ankle emerged over the course of his second season before he asked to quit the club last summer.

Negotiations are thought to have been amicable, though, and sources in Spain have now suggested a final pay off is close.