Aspas arrived at Anfield in the close-season from Celta Vigo, but has found first-team opportunities limited due to injuries and the form of Luis Suarez and Daniel Sturridge.
The striker has yet to score in his seven appearances for Liverpool and Michu believes a loan move to Swansea would be beneficial for both parties.
The 26-year-old netted 35 goals in the last two seasons in La Liga and Michu expects Aspas to show his quality in England if given the opportunity.
"We (Swansea's Spanish players) are hoping he can come here on loan," he said.
"It would be a pleasure to play with him. Iago has had injuries, but he has quality. He deserves to play in the Premier League.
"He has been unlucky. At Liverpool, they have Luis Suarez and Sturridge, who have scored a lot of goals. Suarez is, along with Diego Costa and others, one of the best strikers in Europe."
Get the best features, fun and footballing frolics straight to your inbox every week.
Thank you for signing up to Four Four Two. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.