The Paramount sequel reboots the live-action cast of the franchise, with Walhberg and rising stars Nicola Peltz ("Bates Motel") and Jack Reynor ("What Richard Did") taking the reins from Shia LaBeouf, Megan Fox and Rosie Huntington-Whitely.
Miller will play a blue-collar mechanic who is a longtime friend of Wahlberg's character.
Ehren Kruger wrote the script for the big-budget blockbuster, which will co-star Kelsey Grammar and Sophia Myles.
Lorenzo di Bonaventura is producing with Ian Bryce, Tom DeSanto and Don Murphy.
Miller, who is currently filming Universal and Gold Circle's comedy "Search Party," previously starred in "Yogi Bear" and "She's Out of My League."
He's repped by WME, 3 Arts Entertainment and attorney Karl R. Austen.