The 10-year-old Canadian actor, who stole our hearts in Room, will take the lead in Shane Black's reboot of the sci-fi action franchise.
Jacob joins Boyd Holbrook, who plays an ex-Marine who discovers the existence of fierce aliens but finds that no one believes they exist.
The cast also includes Sterling K. Brown, Keegan-Michael Key, Trevante Rhodes and Olivia Munn. Thomas Jane is also in negotiations to join the cast.
Production on the film is set to begin this February in Vancouver, Canada.