The actor, who played Charlie Harper on the TV show, has signed on to play the titular character in new indie movie A Glimpse Inside the Mind of Charlie Swan III.
Roman Coppola is set to write and direct the project, which will also star Jason Schwartzmann.
Sheen's character will be a graphic designer struggling to come to terms with a break-up.
Sheen is also working on a TV sitcom spin-off based on 2003 Adam Sandler movie Anger Management.
He'll also be the subject of an upcoming Comedy Central Roast, where stars like Kate Walsh, Slash, Mike Tyson and William Shatner will poke fun at the actor.