Somerhalder is best known for his work on TV's "The Vampire Diaries" and "Lost."
The entertainment industry newspaper said his upcoming independent film is about an Australian woman living in Boston with her wealthy beau, who believes his family legend that whenever a boy is born, the father dies.
Emma Lung is to play the woman and Somerhalder the possibly cursed protagonist in the film, which reportedly is to begin shooting in Melbourne, Australia, in April.
"We see this as almost like an American-style 'Pan's Labyrinth' in look and feel," producer Michel Shane told The Hollywood Reporter. "It's a perfect segue for the kids who have outgrown 'Twilight,' but want something romantic and scary. Our monster will be quite terrifying; she is sexually attractive and monstrous at the same time."