The actor will follow in the footsteps of previous contestants including Tara Reid, Stephen Baldwin and Vinnie Jones when he becomes one of 12 famous faces locked in a house filled with cameras for the upcoming series.
Producers are hoping the Hollywood bad boy, who became a wanted man in March after police issued a warrant for his arrest over alleged child support debts, will cause plenty of controversy on the programme.
A source tells the Daily Star: "Michael is going to be the Hollywood big gun of the house. He's quite a formidable character."
Playboy twins Karissa and Kristina Shannon have also been tipped to join the show, which is due to kick off on 5 January.