The 45-year-old Argentinian Pizzi was unveiled on Boxing Day and succeeds Miroslav Djukic, who left the club on December 12 after a disappointing six-month spell.
The visit of Levante is Pizzi's first match in charge of Valencia who stand 11th with 20 points, the same as Saturday's opponents.
Michel spent the previous three seasons on loan, latterly with Levante, but he has made just four league appearances this season and none since September.
However, the 25-year-old dismissed talk of any departure and told reporters during a visit to a children's hospital: "Right now I am thinking of leaving, only to convince the coach and then we'll see.
"It is never good news that a coach is fired.
"There is a new coach now, there are changes in the air and we all start from scratch.
"We have barely had two weeks together but we are all very motivated and eager to convince the boss."
Michel also admitted facing last season's team-mates will be special, saying: "With Levante I had a very good year last year.
"It shall be special to me and to all the fans.
"Winning this match will start the year well.
"They (his former team-mates) are very excited but on the field there are no friends."
Both sides hover precariously above the relegation zone and are enduring poor runs of form.
Valencia have three points from 12 and had lost their last two games before the Christmas break while Levante have been defeated in five of their previous six matches.
Levante have not been helped by the news on Thursday that they would be without Joaquin Caparros for almost a month after the Portuguese midfielder suffered a hamstring injury.