Michalek told the Ottawa Sun he'd like to stay with the club, but the feeling may not be mutual.
"I like it here but I also understand I didn't have good season so I don't know what's going to happen," he told the paper.
"I don't know whether they want to re-sign me or not. I really like it here, the guys in the room and the city, so I would like to stay here if possible. We'll see what happens."
While Michalek admits it's been a "disappointing year" production wise for him, he may be testing the waters July 1.
If the Senators were to re-sign Michalek, though, it would come at a pay decrease from the $4.333 million salary cap hit on his current deal.
Meanwhile, Senators GM Bryan Murray must decide what to do with captain Jason Spezza, who has one-year remaining on his contract beyond this season.
The Senators had conversations with several clubs about Spezza's availability, including the Anaheim Ducks and St. Louis Blues, prior to the Mar. 5 trade deadline, and multiple sources have told TFP that Murray will resume talks this off-season.
Whether the Sens receive an offer they deem worthy of accepting, though, is another matter.
It's unclear what Murray is asking for in exchange for Spezza, who has a full no-trade clause and will have a say in where he ends up, if dealt.