The film is based on Channing Tatum's real-life experiences as a teenage stripper, with the G.I. Joe actor appearing in the titular role of the mentor.
Bomer joins a cast that includes Matthew McConaughey as club owner Dallas and Alex Pettyfer in the role of a teenage Tatum, Collider reports.
Bomer will next be seen in dystopian thriller In Time with Amanda Seyfried and Justin Timberlake.
The White Collar star recently teased his character Neal's development in the show's new season, revealing that he was taking the ex-con in a darker direction.
Director Soderbergh recently dismissed rumours of his retirement, blaming his Contagion star Matt Damon for starting the speculation.
Watch the Contagion trailer below: