The Stop-Loss actor has landed a major role in the upcoming season, where he will play a character similar to WikiLeaks creator Julian Assange, reports TV Line.
Phillippe's part in Damages will be his first regular television role since starring in the soap opera One Life to Live in the early '90s.
He also was reportedly asked to play a guest role in the recent series Torchwood: Miracle Day but declined the offer.
He has said that he is ready to quit acting and wants to work behind-the-scenes.
In August, Phillippe signed on to the comedy-drama Straight A's with Anna Faris and Luke Wilson.
Damages, starring Glenn Close and Rose Byrne, enters its fifth season next summer.
Watch Glenn Close portray a man in the upcoming film Albert Nobbs below: