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The movie, penned by Joel and Ethan Coen and to be directed by The Last Station's Michael Hoffman, centres on Firth's cat burglar trying to steal a priceless statue from a billionaire.
Diaz will play PJ Puznowski, a Texas steer roper who is hired by Firth's Harry Deane to play the part of a woman whose grandfather found the painting at the end of World War II.
The original 1966 film starred Michael Caine and Shirley MacLaine in the lead roles.
Gambit will begin shooting in London in May.
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