The 49-year-old actor will play a conman named Forbes in the film, reported the Deadline.
Wild Oats is about a widow, who receives an unexpected windfall check because of a computer glitch and goes on the run from the law.
The film also stars MacLaine, Jessica Lange, Demi Moore and Billy Connolly. Wahlberg's Forbes will be seen partnering with Connolly's character.