Since no plot details for Space Jam 2 have been revealed yet, it’s hard to speculate on how Don Cheadle fits into the picture.
If it’s the latter idea, then perhaps like Murray, Cheadle would also join James and the Looney Tunes on the basketball court.
My guesses are that he’s either voicing one of the new characters, like succeeding Danny DeVito as the main villain, or he’s following in Bill Murray’s footsteps and playing a fictional version of himself who’s friends with Lebron James.