Sources close to Sheen told the entertainment website that the troubled actor and his representatives are negotiating a "big offer" for a show written specifically for him.
The sources said the new show, the title of which was not revealed, would air without having to go through the pilot process and could premiere as early as January 2012.
The news emerged after Sheen's ex-wife, Denise Richards, backed Kutcher to succeed in "Two and a Half Men," predicting he would be "great." However, Richards added she was sorry to see Sheen no longer on the CBS sitcom.
"I am sad to see Charlie not on the show," she told reporters at the 22nd Annual Elizabeth Glaser Pediatric AIDS Foundation's carnival on Sunday. "Nobody can replace Charlie."