The Coldplay frontman has been praised by the 47-year-old as being a fantastic artist and the ''modern day Shakespeare''.
Speaking about the 40-year-old singer to the Metro newspaper, he said: ''We are good friends - but what I got to say has nothing to do with our friendship. I have been in the industry long enough to know when I'm in the presence of a genius and Chris Martin is just that.
''In years to come, Britain will look back at him as a modern day Shakespeare.''
The 'Empire State of Mind' hitmaker - who is married to fellow musician Beyonce with who he has three children Blue Ivy, five, as well as one-month-old twins Sir Carter and Rumi - also believes Chris is an ''incredible songwriter'', who is capable of wowing a crowd at his concerts.
He added: ''He is an incredible recording artist, an incredible songwriter, but where he really comes alive is performing live. If you get the chance to see Coldplay live do it - you ain't going to regret it.''
But Jay Z is not the only musician who has a fondness for Chris as Bebe Rexha has previously made it know she has a soft spot for him.
Speaking previously, she said: ''Chris Martin is so hot. He's cute, first of all, but second of all I'm a big fan of his music and what I'm learning is it's not all about looks. It's about personality.''