Terry Kinney is directing the play, which is to begin previews at the American Airlines Theatre on Feb. 16, with an official opening planned for March 16.
Although this will be the first Broadway show for the Taxi and It's Always Sunny in Philadelphia star, DeVito has appeared in the past in off-Broadway productions, including Shakespeare in the Park, and starred in a 2012 West End production of Neil Simon's The Sunshine Boys alongside the late Richard Griffiths.
"When the Great Depression cost his family their fortune, Victor Franz gave up his dream of an education to support his father," a synopsis for The Price said. "Three decades later, Victor has returned to his childhood home to sell the remainder of his parents' estate. His wife, his estranged brother, and the wily furniture dealer hired to appraise their possessions all arrive with their own agendas, forcing Victor to confront a question, long-stifled, about the value of his sacrifice. One of the most personal plays by the consummate voice of the American everyman, Arthur Miller's The Price is a riveting story about the struggle to make peace with the past and create hope for the future."