Vincent D’Onofrio, Haley Bennett and Luke Grimes are also set to star, with Antoine Fuqua directing.
Sony and MGM are splitting the cost evenly, with Sony distributing the pic. MGM will oversee production.
The 1960 film, a remake of Akira Kurosawa’s “The Seven Samurai,” starred Yul Brynner and Steve McQueen. It centered on seven gunslingers who protect an oppressed Mexican village from a group of outlaws.
The script was most recently reworked by John Lee Hancock after “True Detective” creator Nic Pizzolatto wrote the previous draft.
Production is expected to start within the next month as Fuqua assembles the remaining castmembers.
Momoa can currently be seen on the SundanceTV series “Red Road” and is also set to play Aquaman in Warner Bros.’ “Batman v. Superman: Dawn of Justice,” “Justice League Part One” and his own standalone movie. He is repped by APA and Link Entertainment.
The Hollywood Reporter first reported the news.