Dennis Wise is desperate to add Michalik to his squad having tracked the defender since his successful loan at Elland Road last season, but United's boss has been forced to show patience while Megson restructures the group of players available to him.
The 24-year-old Michalik has started both of Bolton's last two matches alongside Andy O'Brien.
The Slovakian international may favour a transfer to Leeds, most likely on loan, having played seven times for the club last term.
Wise said: "I'm keeping an eye on the Bolton situation. Hopefully they'll bring a couple of defenders in and allow me to negotiate bringing Lubo to this football club."