The Melrose Place star will portray the mother in 2010's Black Swan, who was originally played by Barbara Hershey, reports Deadline.
High School Musical star Ashley Tisdale will play the young ballet dancer, while Molly Shannon of Saturday Night Live fame appears as Winona Ryder character Beth MacIntyre.
Created by Shawn Wayans and Marlon Wayans, the Scary Movie franchise spoofs several horror films, with the first Scary Movie instalment premiering in 2000.
Malcolm Lee is directing Scary Movie 5, penned by David Zucker and Pat Proft.
The upcoming movie also stars Lindsay Lohan, Charlie Sheen, Regina Hall and Kevin Hart, who recently hosted the 2012 MTV Video Music Awards.
Scary Movie 5 is planned to be released in theaters on April 19, 2013.
Watch the trailer for Scary Movie 4 below: