The Oscar-winning actress has taken a supporting role in Paul Haggis's drama, according to The Hollywood Reporter.
She will play Liam Neeson's wife in the film based around three interconnected love stories about couples living in different cities.
Mila Kunis, Adrien Brody, Casey Affleck, Olivia Wilde and James Franco will also star in the movie.
Basinger most recently completed filming on independently produced movie One Square Mile alongside star Richard Jenkins.
She was last seen in The Death and Life of Charlie St. Cloud with Zack Efron.
The Third Person is scheduled for release in 2014.