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The Informant! star is to play the younger lover of the late pianist, who will be portrayed by Douglas.
Damon told PA: "I'm sure Michael can teach me a few things, I'm pleased it's Michael."
The biopic will see the pair share an on-screen kiss in a scene which the actor compared to Douglas's Basic Instinct romp with Sharon Stone.
He added: "Well I'm not doing that thing with my legs! I haven't actually thought about that stuff seriously. I'm sure it will be a bit awkward but the roles are great and the story is great and the script is great so we'll work our way through."
Soderbergh's as-yet-untitled movie is due to start shooting next year.
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