The 45-year-old actor played the role of Charlie Harper on the hit US show, where he was once the highest paid actor on television.
However he was fired from the role and his character will be killed off in a future episode while Kutcher, 33, will take over the lead role and play the character Walden Schmidt.
Sheen is happy about this and believes he wouldn't have been able to re-start his career if Kutcher hadn't taken the role.
He told TMZ: 'I have always been told that I have nine lives, so it is going to [be] amazing to witness my own funeral which is clearly a win/win situation because Ashton has just given me a 10th.'