The Senators have contacted a variety of teams to gauge the interest in Michalek, who is making $6 million this season, though his salary cap hit is $4.333 million.
Michalek has a full no-trade clause and would have to approve any deal the Senators try to complete.
To date, the Senators have not approached Michalek about waiving his no-trade clause, a source close to the team told TFP on Sunday.
Michalek is aware of the trade chatter and would consider a move, depending on the situation.
Defenseman Joe Corvo, a pending unrestricted free agent could also be on the move.
The Senators are hoping to sign defenseman Chris Phillips to a contract extension. Failing that, GM Bryan Murray could move him prior to the deadline.
Murray is also trying to acquire a power forward and remains interested in Buffalo Sabres right wing Chris Stewart.