The announcement was made by Greg Silverman, president of creative development and worldwide production, and Sue Kroll, president of worldwide marketing and international distribution.
Jackman will portray the villainous Blackbeard in an all-new tale about author J.M. Barrie's beloved character Peter Pan, the boy who would never grow up.
This marks the first casting announcement for the movie.
"Hugh Jackman always delivers indelible performances that resonate with audiences," Silverman said in a statement. "We know he will create a Blackbeard who will be a powerful presence in this original Peter Pan adventure."
"There is a reason that Hugh is known and loved the world over," Kroll said. "He is uncompromising in his dedication to every role, and we are all thrilled to be working with him again."
Jackman's credits include the X-Men film franchise, as well as "Prisoners," "Les Miserables" and "Australia."