The lead single from the late King of Pop's forthcoming album, Xscape, was first written in 1983 by Jackson and Paul Anka.
Previously unheard, the old track has been given a reworking by acclaimed producer Timbaland, with Timberlake providing some fresh vocals.
"Love Never Felt So Good" retains Jackson's distinctive disco sound with hints of Bruno Mars' 'retro' style.
Justin Timberlake, who is often compared to Michael Jackson, has spoken openly about his admiration for the late star.
"Any artist, I don't care what genre you do, you should always aspire to be like Michael Jackson," he said in 2012.
Jackson’s first posthumous album, Michael, proved a disappointment in 2010, with some critics claiming certain tracks were performed by an impersonator.
But Xscape, set for release next Friday, reportedly include guest vocalists Mary J Blige and D’Angelo. Timbaland, StarGate and Rodney 'Darkchild' Jerkins feature as producers.
The song debuted last night at the iHeartRadio Music Awards, with an accompanying dance performed by Usher.
The "Love In This Club" singer has long-cited Jackson as one of his musical idols. Back in 2009, he told MTV that the "Billie Jean" star was "by far one of the most impactful artists in music".
"When MTV did not play African-American videos, he took a stand and said, 'This is a must,' and you look what it became after that. You can't say that you are an artist in this century and (not be) influenced by Michael Jackson."