Marseille coach Michel believes he has the ability to take charge at either Real Madrid or Spain.
Michel made 559 appearances for Madrid in a 14-year spell at the club and earned 65 caps for the national team.
Following a 1-0 defeat to city rivals Atletico Madrid on Saturday, Zinedine Zidane hinted he could exit the Santiago Bernabeu at the end of the season despite only replacing Rafael Benitez in January, while Spain coach Vicente del Bosque is expected to retire following Euro 2016.
Michel believes he would be a suitable candidate for either position, despite Marseille sitting 13th in Ligue 1 with just eight wins from 27 games this season.
The 52-year-old told Onda Cero: "Any coach would like to lead the national team. I have been cautious in the past, but if he [Del Bosque] leaves, why not?
"I do not want to stop being cautious, but I feel as capable as any coach to train Real Madrid.
"Of course, as a Madrid supporter I hope for a coach that is winning a lot of matches."
Madrid sit 12 points adrift of Liga leaders Barcelona following Saturday's defeat, but Michel does not believe another managerial change is required to turn their fortunes around.
"It is a moment to stop and have a little calmness. Nothing is achieved with coaching changes," he added.