The Sherlock star, 42, played unhappy, struggling salesman Lester Nygaard in the hit TV adaptation of the Coen Brothers’ 1996 movie.
But while the show will be back for a new run, US network FX confirmed earlier this week that the Emmy-nominated cast will be different.
Noah Hawley will continue as writer and executive producer, but there will be a new time period and a fresh storyline told over 10 episodes.
Billy Bob Thornton, Colin Hanks and Allison Tolman are not believed to be returning for the next season, due to air in late 2015 at the earliest.
John Landgraf, FX chief executive, paid tribute to the “breathtaking” series, describing his pride at its success.
“Noah’s audacious, bordering on hubristic riff on my favourite Coen Brothers film earned 18 Emmy nominations, the most of a single program in our history,” he said in a statement.
“It will be a new cast of actors, which is kind of heartbreaking from my standpoint given how much I loved the actors. But frankly, I think we can do it with unknowns.”
Landgraf added that work on the scripts is already “well in progress” but production is yet to be scheduled.
The drama is up for Best TV Mini-Series at the Emmys, with Freeman, Thornton, Hanks and Tolman all nominated for acting accolades.
Only Game of Thrones beat Fargo in the nominations race, racking up 19 ahead of the 25 August ceremony.