Australian actor Hugh Jackman reprises his role of Wolverine in the latest entry in the "X-Men" franchise, which is slated for release May 1, 2009.
Variety.com said Reynolds will play Deadpool and will.i.am will take on the role of John Wraith in the film, which is shooting in New Zealand, Australia and New Orleans.
Canadian actor Taylor Kitsch is also set to portray Gambit.
Reynolds' screen credits include "Definitely, Maybe" and "Blade: Trinity," Kitsch is a regular on the TV series "Friday Night Lights" and will.i.am is the frontman of the Black Eyed Peas.
2014: The Year in Fashion [PHOTOS]