The 32-year-old reveals his plans in an interview with USA Today.
Asked by his No Strings Attached co-star Natalie Portman if the rumours are true, he says: 'Maybe. If I can get him off tour.'
Kutcher hosted and produced the hidden camera TV show for four years.
During that time he played practical jokes on celebrities such as Ashlee Simpson, Jessica Alba, Beyoncé, Katie Holmes, Kate Beckinsale and Mila Kunis.
Kutcher jokingly tells Portman that if Punk'd is revived she will be 'first on the list' of celebrity victims.
The actress says: 'You know I'll never speak to you again if you punk me.'
Without missing a beat, Kutcher says: 'I know. I'm prepared for that.'