The Bridemaids actress will play a young Lucille Bluth in the revived Netflix sitcom, according to Vulture.
Wiig has previously appeared alongside Arrested Development star Jason Bateman in Extract and Paul.
She was recently cast in Anchorman sequel The Legend Continues, in which she is tipped to play Brick Tamland's lover.
Arrested Development's fourth season - which is 14 episodes long - will debut on Netflix in May 2013.
Bateman recently said that the new series is "act one" of a "big story" from creator Mitch Hurwitz, with the second and third acts to follow in a planned movie.
Watch Isla Fisher talking to Digital Spy about Arrested Development below: