According to Deadline, the Scottish actor will appear alongside Oscar winners Dianne Wiest and Chris Cooper, both of whom were announced for the project last month.
The drama will be directed by Noah Baumbach and executive-produced by Baumbach and author Franzen alongside film producer Scott Rudin.
The Corrections traces the troubled lives of an elderly Midwestern couple - played by Cooper and Wiest - and their three children, from the 1950s to the millennium.
Trainspotting star McGregor will play middle child Chip, a Marxist academic working for a Lithuanian mafia boss defrauding American investors.
Anthony Hopkins has also been linked to the highly-anticipated project.
Watch a trailer for Ewan McGregor's upcoming film Haywire below: