The Los Angeles Times reports that Adams was given the news earlier today by the film's director Zack Snyder.
"There was a big, giant search for Lois," Snyder explained. "For us it was a big thing and obviously a really important role."
Over the past few months, several actresses had been rumoured to be in contention for the part, including Anne Hathaway, Kristen Stewart, Dianna Agron and Rachel McAdams.
"We did a lot of auditioning, but we had this meeting with Amy Adams, and after that I just felt she was perfect for it," Snyder added.
It is currently unknown as to how much screen time Lane will have in the reboot, due to rumours suggesting that Lane won't be the film's female lead. However, Snyder himself described Lane's role as the "linchpin" that holds the story together.
Adams is probably best known for playing the lead role in Disney's live-action fantasy film Enchanted, but also received Academy Award nods for both the indie film Junebug and last year's The Fighter.
The actress will join previously-announced cast members Henry Cavill as Superman, Kevin Costner as Pa Kent and Diane Lane as Ma Kent when the film begins shooting later this year.
Superman: The Man of Steel is expected to be released in December 2012.