The 70-year-old actress will be seen in a season-long recurring role in the crime drama series, reported Deadline.
Sarandon will portray the role of Samantha Winslow, who is a strong, focused chief of a motion picture studio.
The show stars Liev Schreiber in the titular role as LA's best professional fixer for the rich and famous.
"Ray Donovan" also stars Jon Voight, Paula Malcomson, Eddie Marsan, Dash Mihok, Steven Bauer, Katherine Moennig, and Pooch Hall, among others.