The 25-year-old Spaniard, whose full name is Miguel Marcos Madera, is due in Athens on Thursday to sign a loan deal with AEK until the summer.
It appears that Michel will buy out his contract at Birmingham, where he has endured a forgettable 12 months, making just a handful of appearances.
However, AEK coach Manolo Jimenez has stated publicly that he is a big admirer of the former Sporting Gijon player.
Michel may take Papa Bouba Diop's place in the squad as the Senegalese midfielder has been linked with a move back to the Premiership.
West Brom are reported to be interested in signing the 32-year-old, who has failed to live up to expectations at AEK, where he is one of the highest earners.
AEK are expected to bring a couple more players into their squad during the transfer window.
One space will be opened up if the Athens club agree a deal to release striker Raffik Djebbour after the Algerian fell out with Jimenez at the start of the month. Reports suggest that the two side are close to an agreement.
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