TV Line says that the actor has landed a multi-episode arc in the NBC series.
He is expected to play Gilliam T. Blount, a former theatre star who knows Zeek (Craig T Nelson). Gilliam is reportedly interested in staging a comeback.
He is scheduled to appear in the final four episodes of the season.
Dreyfuss recently had a recurring role in Weeds and has previously starred in movies such as Close Encounters Of The Third Kind and Jaws.
Parenthood airs on Tuesdays at 10/9c on NBC.