The film is also set to star Shameless actor Justin Chatwin and will be penned and helmed by German director Constantin Werner.
Lost Lands will interconnect three female-centric short stories -- "The Lonely Songs of Laren Dorr," "In the Lost Lands," "Bitterblooms" -- which Martin wrote before the A Song of Fire and Ice series, which was adapted for television by HBO as Game of Thrones.
Jovovich will star as sorceress Gray Alys, who travels to a wasteland called the Lost Lands to be granted the ability to be turned into a werewolf. The gift, however, comes at a high price.
"It's a thrill to have her be a part of this, and I will look forward to seeing her bring Gray Alys to life," Martin wrote on his website. "Maybe I will be so inspired that I'll finally write those other Gray Alys stories... but no, not until I finish A SONG OF ICE AND FIRE, calm down, friends."
The feature film will start shooting in Germany in the last quarter of 2015.