Fox News is reporting the posibility, but despite sources insisting the pop star has been rehearsing, even this reporter is unsure:
"A lot could change between now and Sunday night, but the scenario that’s been described for me goes something like this: Justin Timberlake starts the show singing along with a tape of Frank Sinatra.
The next act up is Jackson, performing one of his hits from "Thriller,"
possibly even re-creating the dance number for "Billie Jean" he made
famous at the Motown 25th anniversary show in 1983.
Will
it happen? Who knows. Jackson, my sources insist, has been rehearsing
at a Burbank studio and keeping away from the Staples Center, where the
Grammy show takes place."
Source