Pfeiffer will be featured in the film as Janet Van Dyne, the mother of series star Evangeline Lilly's Hope van Dyne and the wife of the original Ant-Man Hank Pym, played by Michael Douglas, Variety reported.
Pfeiffer's character was mourned by Douglas who believed she was dead in 2015's Ant-Man. Janet was the original Wasp, a superhero whose name will be taken up by Hope who will team up with Paul Rudd's Ant-Man in the sequel.
Fishburne, meanwhile, has been cast as Bill Foster, a character featured in Marvel comics who worked alongside Hank Pym before also becoming a shape-changing superhero known as Black Goliath, noted The Hollywood Reporter.
Both Pfeiffer and Fishburne have been featured in superhero films before with Pfeiffer famously starring as Catwoman in 1992's Batman Returns and Fishburne most recently being featured as Perry White, the boss of Clark Kent in Warner Bros. DC extended universe.
Payton Reed returns to direct Ant-Man and the Wasp which is set to arrive in theaters on July 6, 2018. The film will also star Michael Pena and Tip 'T.I.' Harris.