This is perhaps one of the most audacious things that NASA has ever attempted. However, they did pull off something similar to the Apollo satellite. The moon has a minuscule gravitational force and cannot, in theory, support the magnetic pull of any revolving body.
But NASA has already been able to make small pebbles revolve around the sun, and this is believed to be the next course of action.
But the bigger question is why NASA would sacrifice their resources to do something as pointless as this? But upon looking at the reasons, it is quite clear that this would help them tremendously.
It would be similar to the way the Apollo team inserted the Command and Lunar modules into orbit around the Moon.
"Since the Moon does actually have a gravity field, albeit one-sixth that of Earth, what they did was to accelerate the Apollo craft to a speed which is fast enough not to be pulled in by the Moon but not fast enough to just speed by it," said Trevor Ward a NASA enthusiast. "NASA knew the mass of the craft and the approximate gravitational pull of the Moon, so they were able to calculate the speed necessary for orbital insertion."
NASA is hoping to learn how to deflect asteroids from colliding with the earth. The only way to stop an asteroid with Earth in its sights is by sending missiles to deflect its trajectory. This has to be done at least five years earlier to get it to deflect in time.