DaCosta, 31, was the runner-up in Cycle 3 of the modeling competition. Her acting credits include TV's All My Children and Ugly Betty and films like The Kids Are All Right, In Time, Whole Lotta Sole, The Butler and more.
Bassett, who co-starred with Houston in the 1995 drama Waiting to Exhale will make her directorial debut with the upcoming film.
"I have such regard for both Whitney's and Bobby's amazing talents and accomplishments; and I feel a responsibility in the telling of their story," she said of her role in the film. "Their humanity and bond fascinates us all. I'm beyond excited to have this opportunity to go behind the camera and into their world."
I Will Always Love You: The Whitney Houston Story is currently in pre-production and is scheduled to be released in 2015.