The Canadian filmmaker had blasted the singer's win at last weekend's Golden Globe Awards - where she beat David's husband Sir Elton John to win Best Song for her 'W.E.' track 'Masterpiece' - but now insists his furious comments have been blown out of proportion.
Describing the row as a "tempest in a teapot", he wrote on his Facebook page: "My comments regarding The Golden Globes have been blown way out of proportion. My passion for our film 'Gnomeo & Juliet' and belief in Elton's song really got my emotional juices going. But I must say for the record that I do believe Madonna is a great artist."
David's latest comments come just days after he suggested the 'Hung Up' hitmaker only received the award because she had agreed to present a prize at the ceremony.
Writing on Facebook immediately after the Golden Globes, an angry David had claimed Madonna was "embarrassing" and "desperate".
He wrote: "Madonna. Best song???? F**k off!!!
"Madonna winning Best Original Song truly shows how these awards have nothing to do with merit. Her acceptance speech was embarrassing in it's narcissism. And her critisism ofGaga shows how desperate she really is. (sic)"