The Irish star has been linked to the show since July – and in an interview with The Sunday World he announced he would be taking the lead role.
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Colin Farrell has confirmed his role in season two of True Detective
"I'm doing the second series. I'm so excited," Colin, 38, said.
"I know it will be eight episodes and take around four or five months to shoot. I know very little about it, but we're shooting in the environs of Los Angeles which is great. It means I get to stay at home and see the kids."
The actor added: "These are early days and all the powers that be are working out locations and schedules and trying to lock down the cast."
It is thought that Colin will be playing the older, more experienced policeman in a trio of detectives investigating the murder of Ben Casper, a corrupt city counsellor.
Woody Harrelson and Matthew McConaughey starred in the acclaimed first season of True Detective
It has not yet been announced who will be taking on the other leading roles; Battleship actor Taylor Kitsch has been tipped to take on the role of the other male detective, while Elisabeth Moss has been linked to the hard-drinking female investigator.
Matthew McConaughey and Woody Harrelson starred in the first season of True Detective, which received widespread critical acclaim and was nominated for five Emmys.
The second series will feature a new plot line and new characters. It is expected to premiere in summer 2015.