The 'Livin' la Vida Loca' singer - who previously appeared in 'Les Miserables' - will play the part of Che opposite Argentine actress Elena Roger in the musical which will run in New York's Broadway theatre district.
The 38-year-old Latino star said: "I've never lost my love for the intimacy of the theatre."
The revival of 'Evita', which is scheduled to open in spring 2012 with Michael Grandage directing, will be the first new Broadway production of the Tony Award-winning musical since its 1979 New York debut which ran for four years.
Michael said of the project: "It is very exciting to bring this new production of Evita to Broadway with an Argentine woman in the title role for the very first time.
"With Ricky Martin joining the company, we now have an opportunity to make the production even more authentic."
The Tim Rice and Andrew Lloyd Webber penned musical dramatizes the life of Argentina's controversial first lady Eva Peron, and remains one of their most popular productions, having even been turned into a successful movie in 1996 starring Madonna.