The event is to take place Sept. 10 and will air on Comedy Central Sept. 19.
"You could say I've been providing kindling for this roast for a while," Sheen said in a statement. "It's time to light it up. It's going to be epic."
"Charlie has assured us that nothing will be off limits in this roast ... which scares even us," added Kent Alterman, the network's head of original programming and production.
Sheen was fired this year from his sitcom "Two and a Half Men" because of his erratic behavior and substance abuse, as well as disparaging remarks he made about series creator Chuck Lorre. He made headlines by giving numerous rambling, but highly quotable interviews. He then starred in a touring stage show, which was panned by both critics and fans. He has been keeping a low profile in recent week since the tour ended, however.
Previous Comedy Central roastees have included Donald Trump, David Hasselhoff, Joan Rivers, Larry the Cable Guy, Bob Saget, Flavor-Flav, Pamela Anderson and William Shatner.