The actor will appear in at least five episodes of the USA series, TV Line reports.
Burns will play Anson Fullerton, a highly intelligent clinical psychologist who has experience working with covert agents.
Rumours have suggested that Burns's appearance in the series could extend into the next season.
Burns has previously appeared in shows including Good Morning, Miami, Boston Legal, Surviving Suburbia, Breaking Bad and Justified.
He recently worked on a pilot for NBC but the project was not picked up.
Charisma Carpenter, James Frain and Gavin Rossdale are among the other stars who will appear in this season of Burn Notice, which airs on Thursdays at 9/8c on USA.