The comedian attended the MTV Europe Music Awards in Frankfurt, Germany last night and said the collaboration would give Swift the boost she needs.
"I'd love to do an old-fashioned country and Western song with Taylor Swift," Carr told Digital Spy on the red carpet.
"Y'know, like 'Islands In The Stream'. That would be nice, she'd like that. She needs a boost," he joked.
The star also revealed that he was tweeted by another of the ceremony's performers, but failed to spot the message.
"Alicia Keys said hello to me! And she tweeted me, but I didn't see it," he said.
"I hope she doesn't think I dissed her and it's some R&B war sign, like East and West side!"
Taylor Swift walked away with three awards at the MTV EMAs 2012, including 'Best Female' and 'Best Live'.
Photo gallery - MTV Europe Music Awards 2012 red carpet: