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Laurence Fishburne and Sam Rockwell will star as the junk store hustlers in the revival of the 1975 play.
The Carole King musical has grossed nearly $250 million since opening on Broadway in 2014.
The work, based on Cameron Crowe’s Academy Award-winning screenplay, will open the Old Globe’s 2019-20 season in September.
The Pride Plays festival will feature more than a dozen readings from plays by seminal L.G.B.T. writers, as well as by newcomers.
Among the performers who will journey to the Berkshires: Uma Thurman, Mary Steenburgen, S. Epatha Merkerson and Jesse Tyler Ferguson.
The funding will allow the Armory to replace its 138-year-old floors in a $4 million restoration project for its 55,000-square-foot drill hall.