The former Celebrity Juice comedian will take on the role of Francis Henshall, originally played by James Corden.
Hound told Whatsonstage.com: "It's a phenomenal show. I'm kind of pals with James and he got me tickets for it and I spent the whole show thinking, 'God that looks like fun, that would be so much fun to do'.
"And then I went and auditioned for [director] Nick Hytner and got a phone call the next day."
Owain Arthur, who currently stars as Francis in the West End, will join the touring production for its Welsh dates, while Jodie Prenger will feature in shows at The Lowry in Salford and the Blackpool Grand, according to BBC News.
The One Man, Two Guvnors tour will start in Leicester on October 25, and finish in Nottingham on February 2, 2013.
Corden recently won a Tony Award for his performance in the Broadway version of One Man, Two Guvnors. Watch his acceptance speech below:
Hound recently confirmed that he will not be returning to ITV2 panel show Celebrity Juice.
He told Digital Spy: "Celebrity Juice is 'The Keith Lemon Show', isn't it? So as long as Keith's there most people are getting everything they want from it. So onwards and upwards for them."
The 33-year-old has also hit out at critical posters on the Digital Spy forums, branding them "f**king morons".
Watch Rufus Hound discuss the Digital Spy forums below: