According to TV Guide, the actor will appear in one episode of the upcoming seventh season.
He will play Steven Hirschbaum, a businessman who is convicted of fraud.
He ends up being sued by his employees and investors, but Brenda (Kyra Sedgwick) is worried that they may go to extreme lengths to get revenge.
Arkin has previously starred in shows including Knots Landing, Northern Exposure, Chicago Hope, 8 Simple Rules, Life and Sons Of Anarchy. He recently had a guest role in The Chicago Code and has signed up for a part in ABC's pilot Smothered.
The new season of The Closer, which is expected to be its last, will premiere on July 11 on TNT.
However, the run has been extended by six episodes and producers are hoping to continue the franchise with a new spinoff, Major Crimes.