The film stars are scheduled to appear in preview performances of the production at the Barrymore Theatre starting March 7. The play, which is being directed by Neil Armfield, has its opening night slated for March 26.
The limited engagement is to run through June 14, representatives for the play said.
Additional casting is expected to be announced soon.
Rush, whose film credits include "Shine," "Shakespeare in Love," "Quills" and "The Pirates of the Caribbean," will be making his Broadway debut in "King." He previously led a critically-acclaimed production of the play at the CUB Malthouse Theatre in Melbourne and at the Belvoir Street Theatre in Sydney in 2007. Rush translated the play with Armfield from the Romanian and French playwright Ionesco's original text.
Sarandon is best known for her roles in "Dead Man Walking," "Thelma and Louise," "The Client," "Bull Durham," "The Witches of Eastwick" and "Shall We Dance."
Show notes describe "Exit the King" as "a hilarious and poignant comedy about a megalomaniacal ruler, King Berenger (played by Rush) whose incompetence has left his country in near ruin. Despite the efforts of Queen Marguerite (played by Sarandon) and the other members of the court to convince the king he has only 90 minutes left to live, he refuses to relinquish any control."