Ross will play Butterball, the proprietor of an illegal Cuban/American gambling house, the cable network said.
The rapper is the founder of the record label Maybach Music Group on which he released his studio albums "Deeper Than Rap," "Teflon Don" and "God Forgives, I Don't."
A huge fan of the series, Ross visited the "Magic City" set while in Miami last year and met the show's creator Mitch Glazer, who found a role for him, Starz said.
Season 2 is to debut this summer.
Celebrity Breakups and divorces of 2014 [PHOTOS]