The Hollywood Reporter said the two-part erotic drama is to begin production next month and will be released in two versions -- one more sexually explicit. The movie co-stars Charlotte Gainsbourg and Stellan Skarsgard.
"[The movie] is what you think it is," LaBeouf, 26, told MTV News. "It is Lars von Trier, making a movie about what he's making. For instance, there's a disclaimer at the top of the script that basically says we're doing it for real. Everything that is illegal, we'll shoot in blurred images. Other than that, everything is happening."
LaBeouf started his career as the star of TV's "Even Stevens." His film credits include "Holes," "Disturbia," the "Transformers" movies and "Indiana Jones and the Kingdom of the Crystal Skull."
Von Trier's movies include "Melancholia," "Manderlay," "Dogville" and "Dancer in the Dark."
'How to Train Your Dragon 2' releases 5-minute clip
Lytro unveils camera that can focus a photo after shooting it