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The actor is said to be "thrilled" to be starring in the film, which was announced at Cannes last month.
He first played the role in a stage production at the National Theatre in 1987.
Gwyneth Paltrow, Naomi Watts and Keira Knightley will take the roles of his daughters Regan, Goneril and Cordelia respectively.
Director Joshua Michael Stern is quoted as saying: "The one thing that I'm staying away from is stunt casting so there won't be the American comedian, but there will be some really great actors playing smaller roles that will make a lot of sense."
He added that he intends to stay as faithful as possible to the original play as he is "not very fond of the modern adaptations".
The $35 million film, which will feature "epic battle sequences", tells the story of Lear's decision to divide his kingdom amongst his three daughters depending on how well they praise him.
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