The King Of Pop's performance in Los Angeles last Wednesday featured his greatest hits and legendary moonwalk dance.
They was captured on high-definition video and multi-track audio - the quality for an album.
A DVD or Blu-ray disc could be produced.
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Promoters AEG Live told Hollywood website thewrap.com: "We have a live album in the can."
The album would be guaranteed to reach number one across the world and make hundreds of millions of pounds.
Jackson performed 11 songs. The show featured a hovering orb, flaming bed, mutant spiders, 20ft puppets, 3-D effects and pyrotechnics.
Jackson's manager Frank DiLeo, said Michael was delighted with it.
He said: "He put his arm around me and said, 'Frank, I am so happy, this is really our time'."
Magician pal Ed Alonzo said: "It was just days away from being perfected.
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