To add to J0KerSpin's good answer, $\mu$ is not the elastic modulus, but rather the Lamé parameter and is equivalent to the shear modulus, $G$, rather than the Young's modulus for linear isotropic solids.
This question may be in regards to using ultrasound to measure the elastic modulus. Usually, ultrasound measurements apply longitudinal waves, $w_L$ rather than transverse waves, $w_T$, in order to measure the longitudinal velocity through the sample. Going back to the Navier-Cauchy equation, we have:
\begin{equation}
\rho \frac{\partial^2w}{\partial t^2} = \mu \nabla^2 w + (\lambda + \mu) \nabla (\nabla \cdot w)
\end{equation}
We use the vector identity:
\begin{equation}
\nabla(\nabla \cdot w) = \nabla^2w + \nabla \times w
\end{equation}
With longitudinal waves, we have the property:
$$
\nabla \times w_L = 0
$$
Therefore, applying these equations to the Navier-Cauchy equation, we get:
$$
\frac{\rho}{2\mu+\lambda} \frac{\partial^2w_L}{\partial t^2} = \nabla^2 w_L
$$
This is the wave equation:
$$
\frac{\partial^2w_L}{\partial t^2} = v_L \nabla^2 w_L
$$
Where $v_L$ is the longitudinal velocity. Thus we get that the longitudinal velocity is:
$$
v_L = \sqrt{\frac{2\mu + \lambda}{\rho}}
$$
[1] shows that the Lamé parameters can be written in terms of the Poisson's ratio $\nu$ and the Young's modulus, $E$ for linear isotropic systems:
$$
\lambda = \frac{E\nu}{(1+\nu) (1-2\nu)} \\
$$
$$
\nu = \frac{E}{2(1+\nu)}
$$
Thus we end up with the relationship between the longitudinal velocity, the Young's modulus, and the Poisson's ratio:
$$
v_L = \sqrt{\frac{E (1-\nu)}{\rho(1+\nu)(1-2\nu)}}
$$
This result does NOT agree with the commonly cited result that was presented in the question of this post, $v_L = \sqrt{E/\rho}$. However, I have seen this equation being used in the literature, see [2] for example, and some have argued it is the more correct equation to use when trying to extract the Young's modulus from ultrasound velocity measurements, see [3].
Best,
-Jacob
References:
[1] https://web.mit.edu/16.20/homepage/3_Constitutive/Constitutive_files/module_3_with_solutions.pdf
[2] https://pubs.acs.org/doi/10.1021/acsami.6b06612
[3] http://koski.ucdavis.edu/BRILLOUIN/CRYSTALS/LongitudinalModulus.html