The 61-year-old former midfielder guided the Welsh club to their first major trophy in his first season in charge in 2012-13, and while he admitted it was “tough” to be dismissed in February 2014, he had no interest in going back a few years later.
Asked about his sacking, he told FourFourTwo magazine: “That was tough, especially after the successful season we’d had.
“The next year, we were still in the Europa League, about to play Napoli in the last 32.
“And in the league, the strain on the players sometimes affected results, but there were still a lot of teams down there, then suddenly they dismissed me. It hurt.
“A few years later, they called me to see if I wanted to go back, but I didn’t.
“I’m not really a believer in going back – people hope it will be like the first time, but it will never be the same.”
Michael admitted winning the League Cup with Swansea was one of the greatest achievements of his career.
He explained: “It was the first major trophy in their history, and who knows when they’ll win another.
“We beat Chelsea over two legs in the semi-final and Liverpool at Anfield.
“It was incredible, and meant so much to so many people.
“Also, I was the manager, which is much more work than being a player. You have to make so many different decisions.”