The ABC comedy show, which is based on the format of the British sitcom first launched in 1981, will follow brothers Del Boy and Rodney and their ageing grandfather as they devise get-rich-quick schemes in their quest to become millionaires.
According to Deadline, Ybarra has been offered the part and will now work alongside writers Steven Cragg and Brian Bradley and executive producer Jeff Golenberg.
His previous roles include We Bought a Zoo and Balls to the Wall.
It was recently reported that John Leguizamo will take the role of Del Boy in Only Fools and Horses.
Leguizamo is best known for starring in films such as Carlito's Way, Moulin Rouge and Romeo and Juliet, and has also had roles in The Kill Point and ER on television.
Sir David Jason, who played Del Boy in the UK version of Only Fools and Horses, recently suggested that the remake will struggle, arguing that the show's concept won't "travel across the pond".
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Watch a clip from the original Only Fools and Horses below: