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The King of Pop contacted the web slinger's creator and Peter Paul about a bid to purchase Marvel Comics together in the late '90s after the business partners had formed Stan Lee Media.
Lee revealed that the potential acquisition never got past "the discussion phase", but Jackson was keen to make a Spider-Man movie.
He told MTV: "We had met a number of times. I had been to his place in Neverland. He wanted to do Spider-Man. I'm not sure whether he just wanted to produce it or wanted to play the role... Our conversation never got that far along."
He added: "He thought I'd be the one who could get him the rights [to make a Spider-Man movie], and I told him I couldn't. He would have to go to the Marvel company. But we did become friendly... and he was a great guy."
Lee has been cast as talkshow host Larry King in Iron Man 2, due out in cinemas on May 7, 2010.
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