On the May 22 broadcast of Bravo's "Watch What Happens Live," the Drama Desk-nominated Spring Awakening star told host Andy Cohen, "Ryan [Murphy] has the rights [to the musical], and it's something that we'd both, I think, would really like to do. And, we've had some really exciting first meetings with a really fabulous director that we think would be really wonderful.

"It's just about fitting it in timing wise," Michele added. "Doing that show would take so much energy, and coming right off of the sixth season of 'Glee,' I definitely am going to tour my album a little bit this summer, but definitely next summer.... And, I have to work on my second record, so when we have the time, we would love to do it."

The singing actress also spoke a bit about performing in front of Oscar winner Streisand at the 2011 Music Cares event. "That was a black out experience," she explained. "I don't know how I got through that. And I just remember she was sitting in her chair with her dog on her lap, and I was singing 'My Man,' which is from Funny Girl, and one of her most-praised iconic songs, so that was pretty intense. I didn't meet her that night, but I met her the next night, and it was awesome."

As previously announced, Michele will celebrate the release of her solo album "Louder" with an 11-country world tour this summer.