The Hollywood Reporter has claimed that Woodside will portray Dr Joseph Prestige, an Ivy League graduate and potential love interest for Joy Bryant's character Jasmine.
Woodside's character will appear for five episodes over the show's upcoming third season, causing problems in Jasmine's relationship with Crosby, played by Dax Shepard.
The actor is best known for his recurring role in 24, as well as playing Principal Robin Wood on season seven of Buffy the Vampire Slayer.
Woodside most recently appeared on The CW's cheerleader series Hellcats, which was cancelled back in May.
The new season of Parenthood will also feature guest appearances from Rosa Salazar, Brittany Belt and John Corbett.
Parenthood returns to NBC on September 13.
Watch a promo trailer for season three of Parenthood below: