The Scream star will play the role of President Lyndon B Johnson in Lee Daniels's biopic, reports Deadline.
Liam Neeson had previously been tipped for the role of Johnson, who was US president from November 1963 to January 1969 following the assassination of John F Kennedy.
The film is based on the life of White House butler Eugene Allen, who served eight US presidents over the course of three decades.
Precious director Daniels is helming the film, which features Forest Whitaker in the lead role alongside Oprah Winfrey as his wife and David Oyelowo as his son.
It will also feature John Cusack (Richard Nixon), Alan Rickman (Ronald Reagan), Jane Fonda (Nancy Reagan), James Marsden (John F Kennedy), Minka Kelly (Jackie Kennedy), Robin Williams (Dwight D Eisenhower), Melissa Leo (Mamie Eisenhower), Alex Pettyfer (Thomas Westfall), Vanessa Redgrave (Annabeth Westfall), Cuba Gooding Jr, Elijah Kelly, Jesse Williams and Mariah Carey.
Schreiber most recently appeared in Goon and will star in the forthcoming Last Days on Mars.
The Butler is scheduled to begin shooting at the end of July.