The actor, who left his role as Dr Ray Langston in CSI: Crime Scene Investigation in June, will play Daily Planet editor-in-chief Perry White, Entertainment Weekly reports.
Fishburne takes on the role played by Jackie Cooper during Christopher Reeve's tenure as Superman. Frank Langella played White in Superman Returns.
He joins a cast which includes Henry Cavill as Superman/Clark Kent, Amy Adams as Lois Lane and Michael Shannon as villain General Zod.
Kevin Costner and Diane Lane will play Superman's adoptive parents Jonathan and Martha Kent, while Christopher Meloni has been cast in an unknown role.
Russell Crowe is rumoured to be in negotiations for the role of Superman's biological father Jor-El.
The Matrix star Fishburne will next be seen in Steven Soderbergh's viral outbreak thriller Contagion, which is due to be released on October 21 in the US and the UK.
Production is now underway on Superman: Man of Steel, which is being directed by Zack Snyder. The movie has a projected release date of June 14, 2013.
> Henry Cavill: 'Superman: Man of Steel script is fantastic'