The singer/actor wants to collaborate with a host of Hollywood stars for the collection, which he intends to call The Act of Song.
Connick, Jr. came up with the idea after being impressed with Freeman's singing skills when they worked together on family film Dolphin Tale.
He tells CNN host Piers Morgan, "The guy can sing... If you break down some of the real simple elements of a voice, like the tone, he's got a very nice tone to his voice... He's a great guy... And he's got like a nice vibrato when he sings.
"I had an idea to do a CD. And I'm thinking about calling it The Act of Song, and getting Academy Award-winners who aren't known as singers to sing. Maybe (Freeman) could write lyrics, I could write music or we could sing a standard or do something. And I asked some of my friends, like Hilary Swank and Renee Zellweger if they'd be interested in doing it. Because I just think people would love to hear those great minds interpret lyrics... I'd like to do it."