Corden, who won a Tony Award for his performance in One Man, Two Guvnors, will be seen as The Baker in the eagerly awaited film version of Stephen Sondheim's Into the Woods. He was previously seen on Broadway in another London transfer, The History Boys.
An official announcement about Corden has yet to be made.
Ferguson announced April 28 that he would step down as host of "The Late Late Show" in December 2014.
At the time he stated, "CBS and I are not getting divorced, we are ‘consciously uncoupling,’ but we will still spend holidays together and share custody of the fake horse and robot skeleton, both of whom we love very much." Ferguson has several projects in the works, including hosting “Celebrity Name Game,” a syndicated game show beginning fall 2014, as well as developing television projects via his Green Mountain West production company.
"The Late Late Show with Craig Ferguson" debuted on CBS in 2005.
It was previously reported that Stephen Colbert will succeed David Letterman as host of "The Late Show."