"There’s a sequel to Now You See Me and we’re shooting in London," said Sir Michael.
He continued: "I shoot in December, the whole of December in London, and my son is Harry Potter. I thought it’d be funny, me and Daniel Radcliffe as father and son."
Sir Michael Caine revealed Daniel Radcliffe will play his son in new film
Sir Michael was speaking to film blog Hey You Guys!
Now You See Me starred Jesse Eisenberg, Woody Harrelson, Isla Fisher and Dave Franco as illusionists who were recruited to use their magic tricks to pull off multi-million dollar heists.
The four are all set to return to the sequel, along with Sir Michael, who played an insurance magnate.
Daniel, who has yet to speak out about his casting, will next be seen in Horns, a dark thriller about a young man named Ig who, following the unexplained death of his girlfriend, awakens to discover he now has horns sprouting from his temples.
Jesse Eisenberg, Woody Harrelson, Isla Fisher and Dave Franco in Now You See Me
A mix of black comedy and gory horror, Horns also features Juno Temple and Max Minghella, and is directed by celebrated horror director Alexandre Aja.
Daniel found fame at the age of ten when he was cast as the titular character in the Harry Potter franchise.
He recently addressed the possibility of returning to the big screen as his spectacle-wearing alter ego when author J.K Rowling shared a short, spin-off story on the Pottermore website.
"My inclination is to say 'no' because I don't think it's even a hypothetical at the moment," he said via satellite link at the Television Critics Association's Summer Press Tour.