The 42-year-old actor - who received plaudits for his portrayal of Nicole Kidman's abusive husband on HBO's 'Big Little Lies' - will star in the fourth instalment of the Godzilla-Kong franchise.
The Adam Wingard-directed movie follows on from Gareth Edwards' 'Godzilla' and Jordan Vogt-Roberts' 'Kong: Skull Island', while 'Godzilla: King of the Monsters' is slated for release in 2019.
Skarsgard will be joined in the film by Julian Dennison - who starred in 'Deadpool 2' - and Brian Tyree Henry, as well as the Oscar-nominated Demian Bichir.
Millie Bobby Brown, Kyle Chandler and Zhang Ziyi are also rumoured to be reprising their roles from the earlier movies.
Skarsgard is currently one of Hollywood's most in-demand stars, but the Swedish actor refuses to get carried away by his own success.
He previously said: "I'm so ridiculously lucky and fortunate to be where I am. I have friends who are way better actors than I am who are not working.
"Hollywood is very silly in a way. It's like playing marbles when you were a kid in the schoolyard. People are so anxious: 'What film maker is hot right now? Which actor is hot?'
"Same thing in the school playground: the cool kid says: 'This is the marble to get.' And everyone is like: 'Oh my God, I want it!'"
Skarsgard also admitted he doesn't expect his success to last forever.
He said: "It's here today, gone tomorrow. I don't expect this ride to last forever and maybe I don't want it to."