Spence, who portrays Liza Minnelli in the newly released film about the pop superstar, made the admission as she praised its lead Jaafar Jackson for a "sublime" portrayal of his uncle.
"I think there's definitely kind of talk for there being a second film," she told Page Six.
"There's just so much to Michael Jackson's life, and there's so much controversy and there are so many layers that we could uncover."
She added: "And talking about this story, I think that there's definitely more space and time to tell more of his story, especially with things coming to light."
The film Michael charts the life of Michael Jackson from his early years in the Jackson 5 through to the success of albums including Off the Wall, Thriller and Bad.
It also explores his relationship with his father Joe Jackson, played by Colman Domingo, though it concludes in 1987 and does not cover later child abuse allegations made against the singer – prompting critics to brand it a "whitewash" project.
Director Antoine Fuqua is reported by Deadline to have filmed nearly four hours of material for the original cut, before undertaking extensive reshoots after a dispute between Lionsgate and the Jackson estate over the inclusion of allegations.
According to The Hollywood Reporter, Lionsgate executive Adam Fogelson said in November 2025: "While we're not yet ready to confirm plans for a second film, I can tell you that the creative team is hard at work making sure that we're in a position to deliver more Michael soon after we release the first film."
Jaafar said a sequel is already "in early development" during an interview with Entertainment Tonight.
"You can't fit it all in one movie. It's impossible."
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