Soul singer Jeffrey Osborne told BBC Radio 4's PM programme it was "probably a little embarrassing" for the Chancellor to be mistakenly called "Jeffrey" by President Barack Obama and suggested he could come over and "help run the country a little bit".
At the request of presenter Eddie Mair, Mr Osborne sang: "Tax cuts should be for life, not for just Christmas time."
Soul singer Jeffrey Osborne said he was flattered the by mix up from the President and had no idea Barack Obama was such a fan of his music.
– Jeffrey Osborne, speaking to Sky News
I was really not aware that he was that much of a fan that he would call the Chancellor Jeffrey Osborne.
Tell the Chancellor when I come over I will have to hook up with him and we will do a duet of 'On The Wings Of Love' or something.
George Osborne has claimed that the R&B legend Jeffrey Osborne offered to sing a duet with him, but added that he wouldn't have made the offer if he had heard the Chancellor sing.
He was making light of the fact that US President Obama reportedly confused the pair - because of their shared surname - during a briefing at the G8 Summit.
One unexpected breakthrough from G8 - offer to sing with legend @_jeffreyosborne. Jeff you wouldn't suggest a duet if you'd heard me sing
The Wikipedia page for the singer Jeffrey Osborne has been changed to say he is the Chancellor of the Exchequer.
A prankster made the amendment after reports that Barack Obama repeatedly referred to George Osborne as Jeffrey during the G8 summit in Northern Ireland.
Jeffrey Osborne is the US president's favourite R&B singer, reports said.
Commons Leader Andrew Lansley joked about President Obama referring to Chancellor George Osborne as 'Jeffrey' in the House of Commons today.
"At least the President of the United States wasn't referring to him as Ozzy," he added.
Deputy Prime Minister Nick Clegg admitted he had not heard President Barack Obama refer to the Chancellor as "Jeffrey" during a recent round of talks at the G8.
Speaking on his weekly radio slot for LBC 97.3, he suggested that Boris Johnson should henceforth be known as "Slacker Johnson".
He was also teased by co-presenter Nick Ferrari for blushing when he heard that Mr Obama had described him as "the better looking half of the coalition".
The Mayor of London Boris Johnson has joined in the fun after it was revealed that Barack Obama mistakenly called the Chancellor "Jeffrey" at the G8 summit, claiming he had mistaken him for his favourite R&B singer, Jeffrey Osborne:
#askboris if you could sing anything at a karaoke what would it be?
Only after Mr Osborne finished his presentation did the US president realise his mistake.
Someone who was present at the briefing told The Sun: "It got really cringe-worthy by the end.”
According to the FT (£), Mr Obama is reported to have explained himself, saying: “I’m sorry, man. I must have confused you with my favourite R&B singer.”
Unlike the Chancellor, Jeffrey Osborne has had an illustrious music career with five gold and platinum solo albums. He is best known for the 1982 hit On The Wings of Love: