The actor will play the lead role in Vikram Bhatt's upcoming 3D project Creature.
Bhatt told Bollywood Hungama: "Creature will be India's first ever film that will be made on the lines of Predator and Jurassic Park. We will be releasing it in 3D."
Producer Bhusan Kumar added: "Vikram Bhatt and I are happy to announce that we have signed Bipasha Basu for our next creative collaboration.
"The film is titled Creature and lies in the sci-fi genre which will go on floors in May and be shot on par international standards."
In November, Basu said that there are few heroic roles for female actors in Bollywood.
She has previously claimed that she wants to be a horror film queen after starring in hits like Raaz 3.