He will star alongside Ferrell, who plays moustachioed newscaster Ron Burgundy, and a returning cast of Paul Rudd, Steve Carell, Paul Rudd, Christina Applegate and David Koechner.
Bridesmaids star Kirsten Wiig has also joined the cast, though details about her role are being kept under wraps.
Ford will play a legendary news reader "a la Tom Brokaw", the Hollywood Reporter said.