The former 24 star will play Grayson patriarch Edward, according to TVLine.
The character is summoned to the Hamptons by daughter-in-law Victoria (Madeleine Stowe) for help in her ongoing divorce from Conrad (Henry Czerny).
Devane played James Heller on 24 from 2005 to 2007 and has recently appeared on Psych and NCIS.
His Revenge guest stint will air in February 2012. Rescue Me actor James McCaffrey and The Event star Roger Bart have also signed up for roles on the show.
Revenge creator Mike Kelley recently hinted that the show could have a long run if viewership remains high.
"For Emily (Emily VanCamp), revenge does not have a finite end," he explained. "Her idea of revenge is to make these people suffer as deeply and as long as she and her father suffered."
The series has been picked up for a full 22-episode season and will return to ABC on January 4.
> Revenge Emily VanCamp unsure about Daniel future
Watch a promo for the 2012 return of Revenge below: