The former Saturday Night Live star will appear in an episode of the CBS drama during February sweeps, TV Line reports.
He is expected to play a talk radio DJ who becomes bored after retiring.
In an attempt to give himself something to do, he sets up a pirate radio show in Hawaii.
Ed Asner also recently signed up to appear in Hawaii Five-0, 36 years after he starred in the original version of the show.
Meanwhile, earlier this week it emerged that the show will cross over with NCIS: LA for two nights during May sweeps.
Hawaii Five-0 airs on Mondays at 10/9c on CBS.