Having agreed a new deal to stay at the club, Irueta is keen to strengthen the squad having achieved his aim to win qualification to next season's Champions League.
Irueta is a big admirer of the left-sided winger andhe has targeted this position as an area he is keen to strengthen for next season.
Fernado and Turu Flores, who are both back-up to first-choice left winger Fran, are expected to leave The Riazor and Michel would provide quality cover in this area.
Rayo are keen to take some Depor players on loan along with a £2 million fee in the deal for Michel and Deportivo could offer Jaime, who is currently on-loan at Racing Santander.
