Work on the new season will begin later this year, reported Variety.
The 45-year-old Scottish actor will play the two central characters - brothers Emmit and Ray Stussy in the third season, which is supposed to be set closer to present day than the first two installments.
McGregor is the first one cast in the third installment of "Fargo," which is scheduled to premiere in 2017.
The first installment of the show was headlined by Billy Bob Thornton; the second one starred Patrick Wilson and Kirsten Dunst.
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