President Reagan is confident that there is no basis for any charges against his son Michael Reagan, a press assistant for the president said yesterday.

White House deputy press secretary Karna Small said that the president told her yesterday morning that "he has every confident that any charges that might be brought would prove to be baseless."

Michael Reagan, 35, is under investigation in Los Angeles for allegedly diverting funds invested in a gasohol development project to his personal use, according to sources in the district attorney's office in Los Angeles.

Investigators are examining whether the president's eldest son spent $17,500 given to him by four friends for investment in Agricultural Energy Resources on personal travel during President Reagan's campaign or whether the four knowingly gave him money to be used for campaign travel which could be an illegal campaign contribution, the sources said.

Small said that Reagan told her he talked to his son Tuesday night by telephone.

The president met with five Cabinet members and his chief White House staff aides yesterday in another round of meetings he has been holding on ways to cut the federal budget.

Interior Secretary James Watt, Health and Human Services Secretary Richard S. Schweiker, Energy Secretary James Edwards, Agriculture Secretary John Block and Treasury Secretary Donal Regan attended the meeting.

"There were no fundamental disagreements," Small told reporters, declining to discuss details of the process of targeting areas to be cut.

The president is to make his final decisions on where the budget will be cut during the three-day weekends he plans to spend at Camp David. Reagan is to make the cuts public Feb. 18.