The actor joins a cast that includes Elisabeth Moss, Aldis Hodge, and Storm Reid.
Leigh Whannell will be directing the film, which begins production in Sydney, Australia later this month (July 2019), according to Deadline.
Depp initially boarded the Universal Studios project in 2016, signing on to revamp H.G. Wells' classic tale of a chemist who embarks on a killing spree after using a dangerous drug that renders him invisible, but he has since stepped away from the role of the crazed leading man.
Wells' novel has been adapted for the screen numerous times since it was published in 1897, with the most famous film version released in 1933, starring Claude Rains as The Invisible Man.