The showbiz couple offered the hefty amount for the 'Purple Rain' singer - who passed away in April 2016 - to do a show for them in Los Angeles on 17 September, 2015.
The party - which was thought to have been arranged to mark Jada's birthday - was set to have 100 guests in attendance.
It is not known if Prince actually performed but the news came to light after Minnesota police recovered a document whilst searching the singer's Paisley Park home following his death, TheBlast.com reports.
Meanwhile, Will previously revealed he and Jada find the ''magic in the mundane'' and credits it for keeping his relationship ''really simple and really easy''.
He said: ''It's really interesting, it's like, when you see couples that have been together long and you have that look between them and you just know, if you haven't been with somebody that long, you just can't really say the thing where you get to that place where you find the magic in the mundane, where you're not seeking the high stimulus and all of that ravaging, craving- it's just really simple and really easy, you know.
''It's certainly not what I pictured in my mind...what it's supposed to be. It's like, unconditional love is a whole lot harder and different than it looks in the movies.''
The pair recently celebrated their 20th anniversary but are unlikely to exchange gifts as they like to keep their relationship spontaneous by surprising one another with presents throughout the year.
Will explained: ''What we did probably about eight years ago is we stopped giving gifts on holidays because people expect them. So we surprise each other in the middle of the year. We'll just say, it's October 11 and she'll just come home and I'll say, 'Hey baby, it's Valentine's Day.' And then the surprise of it is what gives the energy back, whereas if you're waiting for a gift on Christmas to top what you did last year, you really can't do it.''