The Canadian crooner confirmed to Daybreak that he would be working with the Hollywood A-lister in 2013. Reese won an Oscar when she showed off her musical talents playing June Carter Cash in 2005 Johnny Cash biopic Walk The Line.
Michael said: "By all accounts it would be true. I just really am a big fan and so myself and my camp, we wanted to do this with her and we were thrilled that she was excited about it too."
Michael also told the ITV1 show that he is planning to slow down his busy life of recording and touring when he has children and doesn't always want to be part of the music industry "treadmill".
He explained: "It can't always be like that, I won't allow it to be like that. When I do have children my priority will be my family.
"I'll continue for a couple more years and then it's not that I'm going to stop, but I'll definitely probably slow down the pace so that I can not have to hate myself for not being there for the family."
The star said that married life to Argentine actress Luisana Lopilato was great, but admitted their busy careers sometimes kept them apart.
"Yes, we are definitely apart quite a bit, but I try to hang out with her as much as possible," he said. "We try to get together and when she's on set making her movies I go down there and my job is to rub her feet and bring her coffee basically."