The actress is said to be one of the new faces on the list for the sequel, which will see Will Ferrell, Steve Carell and Paul Rudd reprising roles from the first film.
"I hope I can get through the scenes without ruining it by laughing! I'm so excited," femalefirst.co.uk quoted Wiig as saying. Adam McKay is back in the director's chair for the movie. He has penned the screenplay for the film with Ferrell.
Wiig is not the only new face to watch out for in the movie as Harrison Ford is also on board the project. A lot of Wiig's projects are likely to be seen this year. She has already completed work on "The Skeleton Twins" and "The Secret Life of Walter Mitty".
She has also lent her voice to animation movie "Despicable Me 2", which will release later this summer. "Anchorman: The Legend Continues" is slated to release Dec 20.