The Dark Knight Rises star has signed a deal to star opposite Joel Kinnaman (The Killing, Safe House), according to The Hollywood Reporter.
Oldman is believed to be playing the scientist who creates RoboCop.
Kinnaman has promised that the remake will be "a lot more human", although he has also hailed the "very special tone" of Paul Verhoeven's original film.
Filming on RoboCop is expected to start in Toronto this September, with a release date of August 9, 2013 pencilled in.
The remake will be directed by José Padilha. Known for his Elite Squad movies, Padilha has revealed that he intends to flesh out the gap in the original movie between protagonist Alex Murphy's shooting and his transformation into RoboCop.
Gran Torino writer Nick Schenk will write the screenplay.
Watch Gary Oldman talking to Digital Spy about The Dark Knight Rises below: