The Sixth Sense actor will portray Victor Franklin, a university student who begins experimenting on bringing people back from the dead, according to Variety.
Wake the Dead is based on Steven Niles's graphic novel series which offers a contemporary take on Mary Shelley's literary classic Frankenstein.
Russell will direct from a screenplay co-written by himself and Jim Hard, while Guns N' Roses member Slash will produce alongside Michael Williams and Rob Eric for Slasher Films.
The former child actor has starred in several independent films in recent years including Home of the Giants, Montana Amazon and Sex Ed.
Wake the Dead begins production this fall.
Watch Haley Joel Osment's iconic scene in the 1999 thriller The Sixth Sense below: