The pair will take over the title from September's issue #0.
"Like every other writer in the world who has ever heard of Superman, I've spent a good part of my life wishing for the opportunity to write the ongoing adventures of the Man of Steel," Lobdell told The Source.
"Grant Morrison has left me a lot of new bright and shiny new toys on the table through Action Comics - and you better believe I'm going to take every one of the around the block for a ride! Thank you, Grant, for the this brave new world, and thank you DC for trusting me with the super hero who started it all."
The Teen Titans writer said that he was surprised that DC accepted the outline for his upcoming run on the title.
The new issue will star Jor-El and focus on the events surrounding Krypton's destruction.
Rocafort has been collaborating with Lobdell on Red Hood and the Outlaws.
The pair will replace Dan Jurgens and Jesus Merino on the title.
Judd Winick and Freddie Williams II have also been announced as the new Green Arrow team, replacing Ann Nocenti and Harvey Tolibao to become the fourth writer and third artist to work on the title since its launch last September, respectively.
Superman #0 will be released on September 26.