Adapted by Boardwalk Empire creator Terence Winter from a memoir by stockbroker Jordan Belfort, the film follows the rise and decline of Belfort's fortunes on Wall Street, and his struggles with drug and alcohol addiction.
Leonardo DiCaprio has already signed on to star as Belfort in the film, which will be his fifth collaboration with Scorsese.
Hill will play Belfort's close friend and business partner, Deadline reports.
Scorsese has described the film as a cautionary tale about greed and human nature.
Hill recently starred in 21 Jump Street, and will next be seen in Ben Stiller comedy Neighbourhood Watch.
Watch the trailer for 21 Jump Street below: