"He is a great young man, so I hope he gets it together. He's in prison and he’s going to be there a while," the Hollywood legend told the Mirror.
"He knows what he's done and takes full responsibility for it, and I can see now it may be the best place for somebody to sort out the next chapter in his life. I'm there for him and supporting him," he added.
The doting father, who has two children, Dylan, 12, and Carys, 10, with second wife Catherine Zeta-Jones, went on to say how much he relishes being a dad.
"I love kids and I love having had this second chance to have a family," he said. "There's something about the innocence and unequivocal love that children have. You're just their dad and there's a complete love without them having any judgement, so I can just enjoy that a lot."
Michael, who was diagnosed with throat cancer in 2010, also revealed that his young family keep him active.
"My daughter is a horseback rider so I try to watch her ride, we take holidays together. I got Dylan his diving permit so he and I dive together. He likes surfing so we try go and find places on holiday where there is good surf.
"They're just great at that age. It's a lovely time but I know how fast it goes. Soon, they're not going to want to see dad, they'll want to see their friends."
Michael, 68, and Welsh actress Catherine, 43, started dating in March 1999 and tied the knot on 18 November, 2000.
Before that, the Behind the Candelabra star was married to Diandra Luker, the mother of his eldest son Cameron. They separated in 1995 and were divorced in 2000, after 23 years of marriage.
Michael admitted that the pair probably should have split sooner. "I know I'm going to get in trouble here," he said. "I have nothing against her, and in fact I'm very fond of my first wife. But we should have ended that marriage eight or 10 years earlier.
"It took me too long to realise that if you go to a marriage counsellor to resolve problems, it's in his interest to keep the marriage going.
"Because if I end the marriage he's got no business. I think Diandra would probably say the same thing. That's the only clear regret I have."