According to TMZ, Sheen posted a $22,500 bond for Dykstra, who was being held in a federal jail in Los Angeles for allegedly embezzling more than $400,000 worth of property from his bankrupt estate. The report was quickly denied by Sheen's rep, Larry Solters, and by the U.S. Attorney's office in California.
Dykstra, a former All-Star who played outfield for the New York Mets and Philadelphia Phillies, was being held on $150,000 bail following his April 14 arrest.
Sheen implied that he came to his friend's aid when he told TMZ: "The rendition guilty trolls that kidnapped my dear friend Nails clearly forgot that he's a fellow Vatican assassin and his best pal is a warlock."
"Nails" is a nickname for Dykstra. Last Thursday Dykstra, 48, and Sheen sang each other's praises on the "Alex Jones Show" on radio.
"He is just hardcore with a capital C. My man is hardcore," Sheen gushed on the show. "We love each other unconditionally and with violence."
Addressing Dykstra directly, Sheen said, "You're one of the best dudes alive, bro."
"No, no, you are," Dykstra said, returning the compliment. "The thing about you, Charlie -- people don't realize how brilliant you are. And I'm not a guy who gets on his knees, if you know what I mean."
"Every day I am with Charlie he continues to set new marks," Dykstra said. "I would take a bullet for you."
If that's the case, then these two just might go down together. Sheen recently lost his battle to win full custody of his twin boys with ex-wife Brooke Mueller. His "Violent Torpedo" tour is receiving mixed reviews. One of his so-called "goddesses," adult film star Bree Olson, broke up with him recently. And Sheen has yet to find an acting job to match the one he lost when he was fired from "Two and a Half Men."
Those pale in comparison to Dykstra's problems. He's facing five years and one count of embezzlement for selling off or destroying property from his $17.5 million Encino, Calif., mansion without the permission of a bankruptcy trustee.
Dykstra filed for bankruptcy in 2009, claiming that he owed more than $31 million but had only $50,000 in assets, after facing at least two dozen legal actions. The year before, Dykstra managed a stock portfolio for pro athletes that was championed by CNBC's Jim Cramer, made millions from the sale of his car-wash business and had just plunked down $17.5 million for a mansion in Encino, California, once owned by Wayne Gretzky.
On April 14, Dykstra was arrested at his mansion by the LAPD, working in conjunction with the FBI, on suspicion of trying to buy a stolen car.
The federal charges against him stem from a bankruptcy case that Dykstra filed on July 7, 2009 and is still pending. According to a statement from the U.S. Attorney's Office, obtained by ABCNews.com, Dykstra sold a truckload of furnishings and fixtures from his Encino estate to a Los Angeles consignment store. He also sold sports memorabilia and "ripped out" a $50,000 sink from his mansion and had it installed in his office at the Camarillo airport in Ventura County, Calif.
Former Forbes writer Randall Lane, who sued Dykstra after he wasn't paid for work he did for him, says Dykstra and Sheen have a lot in common.
Besides their love of baseball -- Sheen starred in the "Major League" movies -- Lane wrote in The Daily Beast that both Dykstra and Sheen get by on little sleep, are horrible to work with, have poor relationships with their loved ones and pay for sex -- only Dykstra's checks reportedly bounce.
"Charlie Sheen again pulled off the unthinkable: He found the only person in Southern California more unhinged than he is," Lane wrote.