We propose an experiment for studying the final stages of collapse of a single laser generated cavitation bubble in microgravity. Unlike previous investigations, the goal of the study is to examine the direct effects of gravity on the cavity collapse. In this paper we present ground-based research on these effects and outline a microgravity experiment destined for ESA Microgravity Research Campaign. The proposed experiment uses a focused laser to generate a highly spherical bubble in an extended water volume without disturbing the liquid and measures bubble rebound and shockwave intensity. Buoyancy forces being proportional to bubble volume, smaller bubbles are the least disturbed. Results show that as bubble size decreases, the part of bubble energy transformed into a shockwave increases, to the detriment of the rebound bubble and liquid jets.