The upcoming film will be director Terry Gilliam's first since his 2009 fantasy The Imaginarium of Doctor Parnassus, and will see Waltz play a reclusive and angst-ridden computer genius.
Gilliam confirmed Waltz's casting on his Facebook wall today (August 15), writing: "I'm heading of to Bucharest to start work on my new film, The Zero Theorem. It stars everybody's favourite Nazi, the great Christoph Waltz.
"Very original script about a man waiting for a telephone call that will give meaning to his life. Some other things happen as well. It's profound and funny in more or less equal measures. We're going to have fun. I'll keep you posted as the cast expands."
Deadline reports that Waltz's character Qohen Leth is working on a project that aims to uncover the meaning of existence, once and for all.
Gilliam suggested in December that he might retire from directing, saying: "I've actually reached the point of not believing I'll ever make a film again."
Waltz will next appear in Django Unchained, which reunites him with his Inglourious Basterds director Quentin Tarantino.
Watch the trailer for Django Unchained below: