The "Mamma Mia!" star will play Baron Harkonnen, alongside Timothee Chalamet, Rebecca Ferguson (II), and Dave Bautista, in the movie based on Frank Herbert's novels, which were first published in 1965.
The "Dune" story revolves around the battle for a drug called Melange, which offers users heightened consciousness and an extended lifespan, while making interstellar travel possible.
David Lynch adapted the novel in 1984, but his movie, which featured Kenneth McMillan as Harkonnen, was plagued with financial problems and battles with his producers and bombed at the box office upon its release, grossing just $30.9 million (£24.2 million) from a $40 million (£31.3 million) budget.
However, it has since become a cult favourite among fans.
"Dune" also hit the small screen as a mini-series in 2000, starring William Hurt and Ian McNiece as the Baron.