The 50-year-old actor has "always wanted" to revisit the Baltimore cop drama - in which he played detective Jimmy McNulty from 2002 to 2008 - and thinks it would be a great opportunity to show off his singing voice on stage in character.
He said: "Maybe we can do a musical of 'The Wire', as I can sing like a charm, or a straight theatre version taking Baltimore to Broadway."
And Dominic is also open to using anti-ageing technology to play a younger version of his character if there was a chance to make a spin-off film.
He told the Daily Mail newspaper's Sebastian Shakespeare: "I've always wanted to make a movie version, a bit like 'Sex and the City' did.
"The show's creator said it would have to be a prequel if we did a movie and that we'd have to do that looking-younger thing, like in the Scorsese film, 'The Irishman'."
Meanwhile, the 'Affair' actor recently revealed he is planning to plant a vineyard and make his own brand of wine, following in the footsteps of TV talk show host Graham Norton, who produces an award-winning Sauvignon Blanc.
He said last month"It's the only good thing about global warming. We will be able to keep on making sparkling wine in England.
"Graham Norton has his own wine, was it Chardonnay? I'm thinking of planting a vineyard in Chippenham and making it myself. They make wine in Wiltshire, they make wine in the Cotswolds as well. And Welsh fizz can be quite good too. I'm thinking of making it my sideline."