DreamWorks announced that the pair will join series regulars Ben Stiller, Chris Rock, Jada Pinkett Smith and David Schwimmer on the upcoming sequel.
Chastain is voicing a jaguar named Gia, while Cranston will portray a Siberian tiger. Other newcomers include Martin Short as a sea lion called Stefano and Frances McDormand as animal control expert Captain Chantel DuBois, The Hollywood Reporter confirms.
Madagascar 3: Europe's Most Wanted sees the zoo animals from the previous films attempt to return to New York from Africa by hitching a ride through Europe with a travelling circus.
Sacha Baron Cohen's King Julien from Madagascar and its sequel will return for another outing, as will the popular penguin characters, who also featured in the Penguins of Madagascar television spinoff.
Victoria Beckham was previously reported to have turned down an offer to star in the film.
Madagascar 3: Europe's Most Wanted arrives in theatres on June 8, 2012.
Watch a trailer for Madagascar 3: Europe's Most Wanted below: