Swansea will be getting paranoid that Sunday's Carling Cup triumph will result in increased interest in their manager, as they should. It is a big call to turn down an offer from his former club Real Madrid if they want him to replace Jose Mourinho, but my gut instinct says my former international team-mate will stay at Swansea for another year. He seems quite happy.
Michael has always had admirers but I think some clubs needed him to get something with a bit of substance on his managerial CV. Barcelona or Real Madrid, just due to his popularity as a player, would have got away with appointing him previously, but now he has won a trophy it will be easier for other big clubs to look at him too.
He will get opportunities. Being linked is one thing, being offered a job is quite another, but clubs will be impressed by the way he conducts himself, the way his team plays and most of all his work in the transfer market.
I don't think managing a big club would worry Michael - he is a very calm individual. The only thing that might concern him is the whole rat-race associated with managing at the very highest level. That's not his game. He wants to be relaxed and in control.
Extreme pressure isn't his style so we will think carefully about his next move. It's easier to be relaxed at a club like Swansea, even after a defeat. You don't have that luxury somewhere like Chelsea. You are in the papers every day and every loss is scrutinised.
But Michael will do what he wants to do - he has always done things his way. This is a man who left Barcelona to join Real Madrid, lest we forget. I see him managing one big club after Swansea and then becoming the national manager of Denmark.
Managing a big club is his dream because he passed the test as a player and he wants to leave some kind of legacy as a manager as well.
I think he will stay at the Liberty Stadium for next season though. His reasoning will be that remaining at the club certainly won't do him any harm and he will feel he can do as well as this season, if not improve. Swansea are well equipped to play in Europe and Michael will be relishing that challenge.
The way Michael has gone about things in his first season at Swansea has been a bit of a surprise. His managerial career so far has been a bit up and down. He won trophies with Brondby and did quite well with Getafe but spells at Real Mallorca and Spartak Moscow were disappointing.
However, he feels that Swansea is the first job he has had where he has total control. He is able to pick the players and his backroom staff. He has been used to clubs with directors of football who are responsible for buying and selling and that hasn't suited him.
He has a very strong opinion on how he wants his players to play and what kind of players he likes. He wants them to play a passing game, but it is about making the right pass and he is very aware of getting the right players. You can see at Swansea there is a lot of intelligent players.
At Brondby it was almost a Celtic-Rangers situation as he had a 50-50 chance of winning everything along with FC Copenhagen, so when he won things he was expected to win things. That most definitely was not the case at Swansea. He said it himself: the first one is the most special for any club and I believe him when he said it's as good as he has felt in football.
If you look at his managerial career, he is a gambler. At Getafe he gambled on getting to the Copa del Rey finals and into the quarter-finals of the Europa League. He tries to do well in one competition so people take note, and he will be quite happy taking Swansea into the Europa League, with a couple of new players, and thinking he can do well.
People have a lot of respect for the Europa League on the continent, and Michael is well aware of that.
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