Goodman artistic director Robert Falls will helm the production, which is currently scheduled to run April 22-June 10, 2012.
Lane will play the role of Theodore "Hickey" Hickman with Dennehy as Larry Slade.
"Nathan had approached me about wanting to work on an O'Neill play," Falls told the Chicago paper, "and I have finally been able to put together this project I have been working on for three years. I think this is the greatest American play."
Actor Lane said "that if I was going to climb this mountain, I should do it in a city where I feel comfortable and with people with whom I feel comfortable."
Producer Scott Rudin holds the Broadway rights to the title, although no Broadway plans are currently underway.