The music industry legend revealed that he has had relationships with men as well as women in an interview with Katie Couric.
The Sony Music chief creative officer said that he admitted his attraction to men following the breakdown of his marriage in the 1980s.
"I opened myself up to the possibility that I could have a relationship with a man as well as the two that I had with a woman," he said.
"I'm still attracted to women... You don't have to be only one thing or another. For me, it's the person."
Davis has worked with some of the biggest names in music including Janis Joplin, Whitney Houston, Aretha Franklin, Rod Stewart, Alicia Keys, Barry Manilow, Christina Aguilera, Carlos Santana, Kelly Clarkson, Leona Lewis and Jennifer Hudson.
His autobiography The Soundtrack of My Life was released today.
Watch a clip from the interview with Couric below: