Director Adam McKay revealed on Twitter that the Bridesmaids star will feature in his upcoming sequel.
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"Just found out Kristen Wiig officially on board for Anchorman 2. Cannonball!" McKay wrote.
The Saturday Night Live graduate was rumoured to be involved in the comedy back in December.
She is expected to play the love interest for Steve Carell's Brick Tamland.
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Will Ferrell, Christina Applegate, David Koechner and Paul Rudd are all in line to reprise their roles from the original 2004 film.
Wiig will next be seen in The Secret Life of Walter Mitty and The Skeleton Twins.
Anchorman: The Legend Continues is scheduled for release on December 20, 2013.
Watch a teaser trailer for Anchorman: The Legend Continues below: