Harry Potter and the Cursed Child is the highest-grossing non-musical play in Broadway history, and has sold more than 10 million tickets worldwide since its premiere in London in 2016.
It currently has productions running in London, New York, Hamburg and Tokyo.
The producers of Broadway production, Sonia Friedman and Colin Callender, said in a joint statement they could not wait to see Felton perform "once again with the same depth, gravity, and humanity he has always brought to Draco".
"It's not lost on us that this is a cultural moment charged with nostalgia, evolution, and emotion," they added.
"Tom's return to Hogwarts bridges generations of fans and breathes new life into a beloved story. We're beyond thrilled to welcome Tom back 'home' but also into a new family: our Broadway company."
Since his last outing as Draco, Felton featured in the 2011 sci-fi movie Rise of the Planet of the Apes, and made his West End theatre debut in the 2022 play, 2:22 A Ghost Story.
This came shortly after he had attended the filming of the Harry Potter 20th Anniversary: Return to Hogwarts feature alongside Radcliffe, Watson, and Grint.
The same year, he published a memoir of his time as a young actor in the franchise entitled Beyond the Wand: The Magic and Mayhem of Growing Up a Wizard.
Tickets for his latest venture will go on general sale on 12 June, with a presale starting two days earlier.
Last week, HBO has announced the young actors who will play the lead trio in its TV series adaption of JK Rowling's fantasy book series.