The 'Livin' La Vida Loca' star, who will perform at London's Hammersmith Apollo on July 12 as part of his current world tour, explained that he regards the 53-year-old icon as one of the best entertainers in the world.
Speaking to Digital Spy about Prince being his dream duet, the 39-year-old popstar exclaimed: "Just give me 30 seconds on the stage with that man and I'll make some noise. That's all I'm asking for! He is the ultimate collaboration. He's everything; talent, sexiness, ambiguity - all in one man. He's awesome."
On Martin's previous collaborator Christina Aguilera, with whom he worked on 2001 hit 'Nobody Wants to Be Lonely', he revealed: "It was a dream. To hear her record is just beautiful. Her voice, her power, her interpretation - she's just so brilliant. She's so professional and on time."
The Puerto Rican performer also praised recent duet partner Joss Stone, who joins him on his latest single 'The Best Thing About Me Is You'.
He said: "Joss is just a breath of fresh air. She walked into the studio with this love and positivity."
Ricky Martin will release his new compilation album 17: Greatest Hits on July 11.
> Ricky Martin interview: "'Livin' la Vida Loca' was perfect"
Watch the music video for Ricky Martin's 'Nobody Wants To Be Lonely' featuring Christina Aguilera below: