The actress will be joining Channing Tatum, Alex Pettyfer, Matthew McConaughey, Joe Manganiello and Matthew Bomer on the movie's cast.
She is to play the titular character's love interest, according to Deadline.
Soderbergh is basing the film on Tatum's real-life experiences as an exotic dancer in a strip club.
Tatum will be taking on the lead role, who is a mentor to the younger version of himself, played by Pettyfer. McConaughey will play a former dancer and the owner of the strip club.
Munn recently joined the HBO drama More As This Story Develops from Social Network writer Aaron Sorkin.
Her big-screen work includes Iron Man 2 and the upcoming I Don't Know How She Does It.
Watch the trailer for Iron Man 2 below: