The Girls and The New Normal star, 35, will take over the title role in Hedwig and the Angry Inch on Broadway when Neil Patrick Harris – this year's Tony winner for best actor for the role – finishes his run in August, Variety reports.
Rannells is hardly a Broadway newbie, though. He earned a Tony nomination himself for his work as Elder Price in 2011's The Book of Mormon, and has also appeared in musicals including Jersey Boys and Hairspray.
And in fact, he's played Hedwig before – in a 2001 Austin, Texas, production of the rock musical, which is about a fictional East German transgender singer.
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Previews start Dec. 16, and the play will open Jan. 13.
Gyllenhaal has acted on stage before, including appearances in a London production of Kenneth Lonergan's This Is Our Youth in 2002 and a 2012 New York staging of Payne's If There Is I Haven't Found It Yet.