We report the discovery of a microlensing candidate projected 2 ^ { \prime } 54 ^ { \prime \prime } from the center of M32 , on the side closest to M31 .
The blue color ( R - I = 0.00 \pm 0.14 ) of the source argues strongly that it lies in the disk of M31 , while the proximity of the line of sight to M32 implies that this galaxy is the most likely host of the lens .
If this interpretation is correct , it would confirm previous arguments that M32 lies in front of M31 .
We estimate that of order one such event or less should be present in the POINT-AGAPE data base .
If more events are discovered in this direction in a dedicated experiment , they could be used to measure the mass function of M32 up to an unknown scale factor .
By combining microlensing observations of a binary-lens event with a measurement of the M31-M32 relative proper motion using the astrometric satellites SIM or GAIA , it will be possible to measure the physical separation of M31 and M32 , the last of the six phase-space coordinates needed to assign M32 an orbit .