© Rex Features
According to Entertainment Weekly, the Ratatouille actor became available when his Broadway show Lips Together, Teeth Apart fell through.
The show also stars Matthew Broderick and Third Rock from the Sun's Kristen Johnston.
The plot centres on a millionaire (Oswalt) who hires a celebrity author (Broderick) to help his struggling newspaper in the Hamptons.
Johnston's role has yet to be announced.
