The 'Haven't Met You Yet' singer confirmed he will collaborate with the actress - who won an Oscar for her portrayal of June Carter Cash in musical film 'Walk the Line' - for his new studio album.
Michael, 37, revealed he is a fan of the 'Legally Blonde' star and put out feelers to Reese, 36, about recording together for his next record.
Asked about the duet, he told ITV1's Daybreak: ''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.''
Reese has previously admitted she found the experience of working on 'Walk the Line' - in which she starred opposite Joaquin Phoenix - horrifying, calling it the toughest movie she had ever made.
She said: ''I had to do four months of rehearsals. I had to learn to play autoharp. I had to take singing lessons. I had to record an album, which was the most challenging, horrifying experience of my life. Me singing in front of people while they're listening to me is just horrifying.''