The 74-year-old Oscar-winning actor will join actors Michael Douglas and Robert De Niro in the Jon Turtletaub-directed comedy, reported Ace Showbiz.
The film tells the story of four ageing men - Freeman, Douglas, De Niro and one other, who reunite in Vegas for Douglas' alter ego's bachelor party.
However, the night leads to tension after it emerges that two of the men loved the same woman when they were teenagers.
"Crazy, Stupid, Love" writer Dan Fogelman will pen the script for the movie.
Douglas was previously linked to the movie three years ago, but he was diagnosed with cancer in August 2010 and he took time out from acting to battle the disease.
It will be his first movie since successfully fighting cancer.
Douglas' last film appearance saw him star in Steven Soderbergh's action movie "Haywire", which was shot in early 2010 and released earlier this year.
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