It will follow in on the success of 'Sound of Music Live' which drew more than 18 million viewers last December.
Walken, best known for his movies 'Pulp Fiction' and 'Catch Me If You Can', has previously worked in movie musicals likes 'Hairspray'.
"He's fearless as a comedic actor and he always come to play," NBC entertainment chairman Bob Greenblatt said in making the announcement.
"I guarantee he will bring his own spin to Captain Hook. This might be the first tap-dancing Captain Hook that you've ever seen."