The Bacchus krewe of the popular Carnival season parade announced the choice Thursday.
Ferrell rose to fame on "Saturday Night Live" and has had a string of movie hits including "Talladega Nights," "Old School," and "Anchorman."
Ferrell is currently in New Orleans shooting the movie "Dog Fight." He joins a list of recent Bacchus monarchs that includes Andy Garcia, Val Kilmer, James Gandolfini, Michael Keaton and Nicolas Cage.
Other comedians who have reigned as the god of wine over the years include Bob Hope, Phil Harris, Billy Crystal, Jim Belushi, Drew Carey and Dom DeLuise.
Next year's parade will roll on Feb. 19.