"I can't say this is true yet, because I don't know. Next year they asked me to possibly be the judge on American Idol," Michaels told the crowd during his concert at the Hard Rock Hotel & Casino in Biloxi, MS on Friday, according to video obtained by TMZ.
In addition, The Celebrity Apprenticethird-season winner and former Rock of Love star also encouraged the crowd to support him as Cowell's American Idol replacement in an "email to Fox."
A source close to Michaels told TMZ in a Saturday report that the former Poison frontman is "in the running to replace Simon" but added a deal is not close to being done.
In addition, a Fox representative told TMZ that the network is not commenting on any speculation regarding Cowell's replacement.
Cowell subsequently suggested Michaels as a replacement when talking to reporters after the finale, Peoplereported.
"I was honored that Simon said that," Michaels told People. "I would be honored to do it."
Michaels -- who previously served as a Nashville Star judge during the show's Spring 2005 third season -- added that his 23 years of experience in the music industry would also make him qualified to serve as an American Idol judge.
"I would have done anything to have a platform like American Idol when I was growing up," he told People.
"For a lot of these young musicians, I'd be able to give them incredibly awesome and very, very real advice. Not just the music, but their attitude and what it's gonna take. Because everyone forgets one simple thing: Once you get chosen as the winner, you still have a big road ahead."
In addition, Michaels said he would bring his "heart and soul" by giving "amazingly honest and truthful advice."
"I would tell them if I thought their chances of making it were really slim -- and how to fix that," he told People. "Because my chances of making it were extremely slim. It's come from brute determination."