The District 9 actor will play the lead role in the Gonzalo Lopez-Gallego project, with filming set to begin in Hungary, reports Deadline.
Open Grave will centre around Copley's character who finds himself in a pit of decaying bodies with no idea how he got there. He then has flashbacks where he murders people and begins to think he may be the killer.
Copley has also officially confirmed his involvement in Spike Lee's remake of Oldboy, after he was linked to the project last month.
He will portray Adrian Pryce in the remake of the 2003 South Korean film, the main villain in the movie who sets out to destroy the life of the protagonist (Josh Brolin).
Oldboy begins shooting in September.
Colin Firth, Christian Bale and Clive Owen were previously linked with the Oldboy villain role.
Watch the trailer for District 9 below: