Cuban told ESPN during a radio interview that he'd like to have Charlie on board.
But Cuban was tight-lipped about exactly what their collaboration might entail.
"We'll do something together, but it's not certain it will be a show," Cuban said. "It'll come down to what he wants to do and what his situation is."
Cuban added, "It's a unique opportunity, I'll say that."
The news about the possible cable show comes days after Sheen and his friends hosted their own online radio show, dubbed "Sheen's Korner."
Sheen's show was watched by over 600,000 viewers and featured many of the star's ubiquitous one-liners as well as featured segments, "correspondents" and phone calls.
He opened the show by unveiling a tattoo on his wrist that read "winning" and promoted an organic energy drink called "tiger's blood," both referring to statements of his that have gone viral.
Cuban spoke positively about the webcast in his interview with ESPN.
"It gave him [Charlie] a chance to be himself and have some fun," Cuban said. "The thing I like most about Charlie is that he just loves to mess with the media. You guys fall hook, line and sinker."