The actor will portray an information dealer known as 'The Frog', who got his name after poisoning the Kremlin's water supply with a deadly Amazonian frog, according to The Hollywood Reporter.
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Thewlis lines up alongside returning cast members Bruce Willis, John Malkovich, Mary-Louise Parker and Dame Helen Mirren, as well as series newcomers Sir Anthony Hopkins and Catherine Zeta-Jones.
Screenwriters Jon and Erich Hoeber returned to pen RED 2, while Galaxy Quest helmer Dean Parisot is on board as director.
A teaser poster for the film was released last month.
RED 2 will open on August 2, 2013. Watch the trailer for RED below:
