The Hollywood Reporter said Fishburne will play Tom Cruise's mentor, while Hoffman will play the villain.
Michelle Monaghan, Ving Rhames, Jonathan Rhys-Meyers and Keri Russell are the other cast members in the sequel, which was scheduled to film last year with a different director and a cast that was to have included Carrie-Anne Moss, Kenneth Branagh and Scarlett Johansson.
The film was delayed after director Joe Carnahan left the project over creative differences. New director J.J. Abrams was unavailable to shoot last year because he was committed to direct the ABC series "Lost."
The Reporter said Rhames and Cruise are the only holdovers from the original cast.
Shooting is scheduled to begin July 18 in Italy.
2014: The Year in Fashion [PHOTOS]