The US actor, 34, will also star in the sports drama film, which is a spin-off from the Rocky franchise.
Jordan plays boxing champion Adonis Creed, the son of world heavyweight champion Apollo Creed from the original Rocky movies.
Tessa Thompson and Phylicia Rashad are expected to reprise their roles for Creed III.
Jordan said the time felt “right” to take a seat in the director’s chair, adding he had learned from working with Ryan Coogler and Denzel Washington.
He said: “Creed III is that moment a time in my life where I’ve grown more sure of who I am, holding agency in my own story, maturing personally, growing professionally, and learning from the greats like Ryan Coogler, most recently Denzel Washington, and other top tier directors I respect. All of which sets the table for this moment.”
The first Creed film directed by Coogler arrived in 2015 to critical acclaim and box office success.
The sequel was released in 2018 to a similar response.
Last year Jordan was named sexiest man alive by People magazine.
Creed III is set for release in November 2022.