The 32-year-old British producer, real name Shahid Khan, hit the recording studio with the singer in December, just a few weeks before Michael's death on Christmas Day (25Dec16).
The duo had intended to collaborate on Michael's next studio album, as well as a tune for Naughty Boy's next release. However, the singer's untimely death meant the rapper has had to reconsider how to proceed with the half-finished track.
But in a new interview with BBC Radio 1's Newsbeat, Khan said he is considering completing the song and releasing it, in a bid to continue Michael's musical legacy.
"The song is amazing but it's just a bit bittersweet," he said. "He's got a lot of dedicated fans around the world. He was back in the studio, he was making an album - so hopefully the music will continue to live on and me being a part of it is just a part of my journey too.
"It's only in the last week I started working on it again - we'll just see how it goes."
Khan revealed little about the song, apart from confirming it's an original track. But he did add that he had made a conscious decision not to talk about the collaboration until now, "out of respect" for Michael and the friends and family he left behind.
"His journey, musically and historically, is so much bigger than him doing a track with Naughty Boy," he mused. "It's all a bit weird in my head as well."
While the pairing is somewhat unusual, Khan added it came about as they attended the BBC Music Awards, and he revealed his admiration for the Wham! star.
"It wasn't this big music industry arrangement, I've just been a fan forever," he said. "I wanted to work with him, it was something I put out there."