Michael has re-signed with the Packers, Field Yates of ESPN reports.
In his six games with the Packers previous year, Michael carried the ball 31 times for 114 yards and a touchdown in the regular season.
The Packers saw enough in Christine Michael's late-season audition to take another look at the fifth-year running back.
Montgomery has already committed to making a full-time position switch to running back this offseason, and is coming off an impressive season in which he led Green Bay's offense with a 5.9 yards per carry average.
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They're the only two running backs on the roster at this point.
Michael entered the National Football League as a second-round pick (62nd overall) by the Seattle Seahawks in the 2013 draft.
The Packers now have Montgomery, Michael, and fullbacks Aaron Ripkowski and Joe Kerridge, under contract for next season. Lacy, 26, signed with the Seahawks on March 14.
Prior to joining the Packers, Michael spent his first nine games last season as a member of the Seattle Seahawks, where he made seven starts.