The 49-year-old star will step into the role that was initially set to be played by John Turturro, reported Variety.
Turturro had to bow out of the show due to the filming schedule of his screen commitments.
Ruffalo will portray a man called Victor, who returns home to sell the remains of his parents' estate.
Directed by Terry Kinney, "The Price" begins previews February 16 ahead of a March 16 opening at the American Airlines Theaters.
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