The 24-year-old actor, who previously appeared alongside the award-winning Batman Returns actress in Hairspray, said that he was excited about the prospect of working with her again.
Efron told ITV1's Daybreak: "I had the chance to work with her on Hairspray, but I was very young and I was a little bit nervous to work with her.
"So I tended to say all the wrong things and I was very bashful around her. When I found out that she wanted to play this role, I was in 100%, and it was really great."
Meanwhile, Efron insisted that he is not fazed by questions about High School Musical, adding: "It's lovely to reflect. I'm very, very grateful for those days - they are some of my fondest memories and I'm still very close with all my friends.
"We get a good laugh every time we see it come on TV or anything like that. It was fun, it was about celebrating life... it was a really uplifting time in our lives."
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Watch Zac Efron in the trailer for New Year's Eve below: