The movie is based on the true-life experiences of G.I. Joe star Channing Tatum, who was a stripper before getting his breakthrough acting role.
McConaughey will take on the part of the former dancer who owns the club where Tatum performed in real life, Showblitz reports.
Tatum himself will be playing the titular role of his mentor, while Alex Pettyfer will play the younger version of Tatum.
In February, the actor said that he is unashamed of his "stripper" past and that he did not feel the need to "hide" it.
McConaughey is currently filming thriller The Paperboy with Nicole Kidman and Zac Efron.
He admitted recently that he had lost money while filming The Lincoln Lawyer because of the limited appeal of the film.
Watch Matthew McConaughey in the trailer for The Lincoln Lawyer below: