© Rex Features
The Watchmen actress will join Jim Carrey in the project, based on a children's book of the same name by Richard and Florence Atwater, reports Variety.
Carrey will portray businessman Mr Popper, whose life is thrown into chaos when he becomes responsible for a dozen penguins.
Gugino is rumoured to be playing the role of Mrs Popper.
The film is to bring together live-action and CGI elements.
