McShane is best known for his Golden Globe award-winning work on HBO's "Deadwood." He has also appeared in the films "Scoop" and "We Are Marshall."
The actor is expected to play the villainous Blackbeard in the fourth installment of the "Pirates" franchise, which will follow Johnny Depp's iconic Capt. Jack Sparrow as he searches for the Fountain of Youth, Empire said.
"Chicago" and "Nine" director Rob Marshall is to helm the picture, and there have been reports the cast will also include Penelope Cruz.