According to Variety, the actress was always producing partners Warner Bros. and MGM's first choice for the coveted role and made the announcement after a new draft of the script was finished. Roar Uthaug has signed on to direct.
Vikander beat out Star Wars: The Force Awakens star Daisy Ridley for the part who confirmed in March that she was in discussions to portray Lara Croft.
Angelina Jolie famously portrayed the dual pistol wielding heroine in 2001's Lara Croft: Tomb Raider and again in 2003's Lara Croft Tomb Raider: The Cradle of Life.
The video game which has sold over 35 million units was released in 1996 for the original Playstation. Warner Bros. and MGM have reportedly been inspired by Square Enix's latest entry in the series which featured a younger, more realistic Lara Croft as she continues to explore the world in search for treasure much in the same vein as Indiana Jones.
The Tomb Raider reboot is expected to enter production soon and release towards the end of 2017.
Vikander was last seen in The Danish Girl where she won an Oscar for her performance and in the critically acclaimed sci-fi thriller, Ex Machina. Soon she will appear in Jason Bourne and The Light Between Oceans opposite Michael Fassbender.