The 27-year-old has impressed for Swansea since joining the club from Rayo Vallecano for just £2.2million.
Michu has scored 18 times in 35 appearances for Swansea and has been linked with the likes of Arsenal and Liverpool.
Jenkins said: "We've seen with Tottenham and Gareth Bale that every player has a price. We are not in that bracket with Tottenham but they sold a top player. We are realistic about that side of things.
"I would say Michael was about right with his valuation of Michu if you look at the current market, but this call-up enhances that further.
"We know we have a very talented player and naturally we want to keep him."