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The British actor, who has previously teamed up with Johnny Depp in 'Public Enemies', will play a Machiavellian pirate in the upcoming adventure movie.
The studio has announced that the film targeted for May 20, 2011 U.S. release will be filmed in Disney Digital 3-D instead of being converted in post production.
The British actor will take the role of a youthful missionary named Philip in the Johnny Depp-starring movie.
The Captain Jack Sparrow of 'Pirates of the Caribbean' agrees to play in the fourth installment of the film not because he is motivated by money, saying 'I'd do Pirates 7 if they asked.'
The two youngsters, who are allegedly also competing for a role in Catherine Hardwicke-directed film, are said in the running to be the new lead actor in 'Pirates of the Caribbean: On Stranger Tides'.
At the same time, Cruz's feisty character is also the daughter of Sparrow's new nemesis in 'Pirates of the Caribbean: On Stranger Tides', Blackbeard.
The 'Case 39' actor is in talks to play Blackbeard, a legendary English pirate who piloted the ship Queen Anne's Revenge in 1700s.
The ship, which is seen in the first film, has docked at Kalaeloa Harbor for the production of 'Pirates of the Caribbean: On Stranger Tides' which will begin this summer.
The role offered to the 'Nine' actress is being kept secret, but she is said to be Captain Jack Sparrow's foil and equal in many ways.
Like Orlando Bloom and Keira Knightley, the depicter of Ragetti will not reprise his role in 'Pirates of the Caribbean: On Stranger Tides'.
'On Stranger Tides' will film the scenes in Oahu and Kauai, indirectly boosting the island's tourism industry.
After setting a release date, Walt Disney Pictures has moved forward with this fourth installment of 'Pirates of the Caribbean' film franchise by tapping the actor to return to the movie.