The Matrix star is to feature in the sci-fi thriller, according to The Hollywood Reporter.
Kevin Zegers (Gossip Girl) is also in line to appear in the movie.
The $16 million (£10 million) Canadian film centres around a group of Ice Age survivors who come under attack from an army of feral cannibals.
The cast list for The Colony is being kept under wraps until production begins on February 22 in Toronto, with filming anticipated to continue through to March 30.
The movie will be directed by Jeff Renfroe, who helmed Lifetime miniseries Seven Deadly Sins based on Robin Wasserman's series of young adult novels.
Fishburne appeared alongside Matt Damon and Kate Winslet in Contagion last year.
He will play Daily Planet editor Perry White in Superman: Man of Steel, which is due for release in June 2013.