President Reagan and President-elect George Bush will meet with Soviet leader Mikhail Gorbachev on Governor's Island in New York Harbor Dec. 7 to discuss "substantive" superpower issues, the White House said Wednesday.

The modest Coast Guard installation, which in its colorful past also has been a sheep farm, quarantine station, race track and game preserve, was recommended Tuesday by U.S. and Soviet inspectors.On Monday they had examined the island and the only alternative choice in the running, New York's Metropolitan Museum of Art. Governors Island was picked for security reasons, the White House said.

Secretary of State George Shultz said Wednesday he hoped Gorbachev would make statements on such issues as Warsaw Pact forces in Europe and the Berlin Wall during the meeting.

Meanwhile, White House spokesman Marlin Fitzwater said Reagan will make a report on his meeting with Gorbachev in an address to the American Enterprise Institute Wednesday evening, immediately after his return to Washington from the lunch.

Gorbachev is due to arrive in New York Tuesday. On Wednesday, he will call on U.N. Secretary-General Javier Perez de Cuellar and then address the General Assembly. The lunch with Reagan and Bush will follow.

Fitzwater announced that Marcella Perez de Cuellar, wife of the U.N. chief, would be host at a luncheon for first lady Nancy Reagan and Raisa Gorbachev, wife of the Soviet leader, in connection with the meeting of their husbands.

Fitzwater said Barbara Bush and Helena Shultz, wife of secretary of state George Shultz, would also be included.