The Seven Pounds actor will portray outlaw 'Lucky' Ned Pepper in the Western, a part taken on by Robert Duvall in the 1969 original.
The Coen brothers' True Grit cast includes Matt Damon, Oscar winner Jeff Bridges, Josh Brolin and newcomer Hailee Steinfeld. Based on the novel by Charles Portis, it centres on a US Marshal who aids a young woman in the search for her father's murderer.
The Coens last directed black comedy A Serious Man.
> Damon: 'I won't sing for True Grit'