The erstwhile "Ghostbusters" star will play a villainous apparition named Addison Drake.
The movie is to be released by Twentieth Century Fox June 5, 2015.
"Bill Murray is the perfect actor to bring this character to life -- or should I say 'after-life?" director Tony Leondis said in a statement. "Along with Jennifer and Octavia, this is a dream cast. I can't imagine a team more capable of packing a funnier punch to this broadly comedic ghost story."
The supernatural action comedy follows two bumbling apparitions who find themselves in an extraordinary after-life adventure when they join the Bureau of Otherworldly Operations [B.O.O.] -- the ghost world's elite counter-haunting unit -- and ultimately must face off against the planet's greatest haunter, a synopsis said.