The 42-year-old actress will join Willis, John Malkovich, Mirren and Mary Louise-Parker for the follow-up to the action movie which is to be set in Europe, reported Contactmusic.
'GI Joe: Retaliation' star Byung-Hun Lee will also be taking a part in the film.
Dean Parisot is directing the project - taking over from Robert Schwentke - which has been written by Jon and Erich Hoeber.
It is not known what role Zeta-Jones will be taking, but filming is set to start later this year ahead of an August 2013 release date.
'Red' made a business of USD 200 million at the box office upon its release in 2010, on a budget of just USD 58 million.
The actress has a number of new movies coming out this year, including a part in musical 'Rock of Ages' and gambling movie 'Lay the Favourite'. She is currently filming Steven Soderbergh's 'The Bitter Pill'.
