The only details known so far are that Wiig is being cast as a love interest for Steve Carell’s character.
Wiig is best known for her starring role in film Bridesmaids and her work on Saturday Night Light.
The film is a sequel to the cult classic comedy 2004 comedy Anchorman and reunites lead actor Will Ferrell with director Adam McKay. Steve Carell, Paul Rudd and Christina Applegate are also set to reprise their roles.
The film will be released in October 2013 and filming will begin early next year.