The 77-year-old actress, who is known for starring in the 1970 black comedy 'Mash', will first appear in November, featuring in multiple episodes, reported Ace Showbiz.
She has signed on to play a character named Constance Bingham.
Kellerman in recent years has appeared on '90210' and 'Maron'.
Her role as 'Hot Lips' O'Houlihan in 'Mash' resulted in Oscar and Golden Globe nominations.
'Smallville' star Justin Hartley was recently cast in 'The Young and the Restless', replacing Michael Muhney as Adam Newman.