The insiders said the track is to be featured in Sheen's one-man stage show, which begins its North American tour this weekend in Detroit.
Billboard.com said a release date for the single has not yet been announced.
Sheen's once-bright career has been eclipsed in recent months by his battle with substance abuse and related erratic behavior. After being fired from TV's "Two and a Half Men," he announced plans for his touring stage show.
His film credits include "Lucas," "Young Guns," "The Three Musketeers," "Platoon" and "Wall Street."