Kutcher joined the show last spring as a replacement for former series lead Charlie Sheen, playing lovelorn internet billionaire Walden Schmidt. However, negotiations are now underway and a deal is likely to be confirmed soon, according to TV Guide.
The actor signed up for just one season when he joined Two and a Half Men and it is believed that his new contract will last for at least a year, if not longer.
Kutcher is said to be the highest-paid star in TV comedy - earning around $700,000 (£440,000) per episode - and it is believed that he could command a higher fee next season.
CBS is believed to be leading the talks with Kutcher while production company Warner Bros Television negotiates syndication deals, Variety reports.
Kutcher and showrunner Chuck Lorre recently confirmed that Two and a Half Men is likely to return, but is yet to be officially renewed for a tenth season by CBS.