This was confirmed by Chris McCarthy, Paramount Global Co-CEO, and President/CEO, Showtime & MTV Entertainment Studios, who made this announcement.
"Michelle Pfeiffer is a remarkable talent who imbues every role with emotional depth, authenticity, and grace", McCarthy stated. "She is the perfect anchor to the newest chapter of the Yellowstone universe, Madison, from the brilliant mind of Taylor Sheridan".
Pfeiffer who is a three time Oscar nominee, will also serve as executive producer on this new series.
It has also been reported that this sequel series had the working title 2024, when it was first announced.
Yellowstone's final episode begin airing in the US on November 10.
They will not feature Kevin Costner, who ruled out reprising his role as John Dutton III back in June.