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A veteran of 47 Heineken Cup ties with Toulouse, Michalak was a winner in 2003 and 2005. He also played in the 2004 final.
The 28-year-old has been out of action at the top level since rupturing the cruciate ligament in his left knee against Stade Francais Paris on March 6.
It was the second time he had been forced to undergo knee surgery, having missed the whole of the 2006/07 season.
Capped 54 times, the scrum or outside-half missed Toulouse's march to a record fourth European title at the end of last season and all of France's summer and November Tests as a result.
