The Greeks go into the encounter at the Parc Des Princes second in Group C, three points adrift of leaders PSG and three clear of Benfica, who take on bottom-side Anderlecht in the other pool game.
Michel's men will be looking to avenge their 4-1 home defeat to PSG in matchday one but will have to be at their very best against a side who have never lost to Greek opposition before and are riding a 27-match unbeaten run at home.
"We are very close to qualifying," Michel told www.Olympiacos.org. "We just need one more victory.
"We have two games left and we need to deliver.
"I think to have collected seven points in four games is good but we need to finish the job and qualify.
"Do we have to play much better to go further in the competition? Absolutely.
"However, from what I remember, we played a great game against PSG and despite this, we got nothing except a heavy loss."
Olympiacos head into the match boosted by Saturday's Greek Super League 4-1 triumph at Panthrakikos which lifted them six points clear of PAOK at the top of the standings.
Anything but a defeat would ensure PSG top spot in the pool and Les Parisiens go into the match on the back of Saturday's 3-0 triumph over Reims that kept them four points clear of Lille at the top of Ligue 1.
"The team was focused, determined, competitive and took its chances," PSG coach Laurent Blanc said. "It is an excellent result.
"Now we will turn our attentions to the match against Olympiacos. The best way to prepare for that game was to win."
Olympiacos will have to keep a close eye on Zlatan Ibrahimovic, with the Swedish forward having struck seven goals in the European competition so far.
Konstantinos Mitroglou, who has scored 17 goals in 15 games for the Greeks this season, will lead Olympiacos' attacking line.