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Rex Features
The Watchmen actor is to play the role of a pilot in the remake starring Chris Hemsworth, Connor Cruise, Josh Peck and Adrianne Palicki.
The 1984 film - featuring late actor Patrick Swayze - focused on a Chinese and Russian invasion on US soil, while a band of teenagers form their own militia to combat the marauding forces with the help of one adult, played by actor Powers Boothe.
Morgan told Coming Soon: "I guess I'm more or less the old Powers Boothe character. There's all the kids and Boothe is the pilot that lands in the film and kind of helps them take down the bad guys. Blow communism away.
"It's a really good, young cast. I'll be the old guy in it, which is cool."
It was reported earlier that Morgan had expressed an interest in playing the lead in Guy Ritchie's adaptation of comic book Lobo.
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