The actor is in line to appear in a minor antagonistic role in the third and final movie, reports Variety.
His part is expected to be similar to Paul Giamatti's gangster character Kingsley in The Hangover: Part 2.
Little is known about the upcoming film, other than it is set in Las Vegas once again and will apparently drop the template used in the first two movies.
Bradley Cooper, Zach Galifianakis, Ed Helms, Heather Graham, Sasha Barrese, Sondra Currie, Mike Tyson and Ken Jeong are all set to return for the final instalment.
Goodman also recently joined the cast of Vince Vaughn and Owen Wilson's The Internship.
The Hangover: Part III is currently in pre-production, and will open in cinemas on May 24, 2013.
Watch a featurette for The Hangover: Part II below: