Del Toro is known for his roles in "The Usual Suspects," "Traffic" and "21 Grams."
Hopkins has starred in "The Silence of the Lambs," "Shadowlands" and "Nixon."
Joe Johnston is to direct the picture about the iconic horror figure, while Oscar-winning effects wizard Rick Baker is to do the actors' makeup in "The Wolfman," the studio said.
To support the film, Universal Studios Consumer Products Group said it will develop a targeted specialty program, with a primary focus on the collectibles market.
"Universal Pictures has reinvigorated the genre of the classic monster characters in a way that honors their legacy and propels us into the next generation of cinema," Cindy Chang, vice president of global business development for the Universal Studios Consumer Products Group, said in a statement Monday. "The Wolfman's timeless appeal and worldwide popularity will translate into a revered and much sought after collector program."