Shahidi has joined a cast that includes Jude Law as Captain Hook, Alexander Molony as Peter Pan and Ever Anderson as Wendy.
Pete's Dragon director David Lowery is helming the project.
Shahidi is the first woman of color to play Tinker Bell on screen.
Margaret Kerry was the live-action model on whom the sprite was based in the animated 1953 film classic, Peter Pan, while Julia Roberts played Tinker Bell in the live-action Hook and Ludivine Sagnier played the pixie in 2003's Peter Pan.
The movies were all inspired by J.M. Barrie's 1904 play, Peter Pan, and/or his 1911 novelization of it, Peter and Wendy.
The tale follows the adventures of a boy who never grows up and the curious human children he squires away to the magical world of Neverland.