The "Thriller" singer - who turns 50 tomorrow (August 29, 2008) - is reportedly in talks to present an award with his sister Janet at the ceremony which is taking place on September 7 in Los Angeles.
The reclusive star is in the process of recording his new album in Las Vegas at the moment, and MTV bosses are keen for him to re-launch his faltering career by appearing at the show.
Michael - whose career has faltered since he was acquitted of child sex charges in 2005 - has been in the studio with Black Eyed Peas star will.i.am.
It was recently rumored troubled pop star Britney Spears would be making her comeback at the ceremony, but her manager Larry Rudolph has since denied the claims.
He said: "Contrary to media reports, Britney was never slated to perform at this year's VMAs."
"She's in the middle of recording her next album, which is going amazingly well, and her focus remains on the studio."
MTV has yet to announce who will be presenting awards at the event - which is being hosted by British comedian Russell Brand - although they have released a list of performers, with Pink, Rihanna and the Jonas Brothers all set to take to the stage.
