The actress, who portrays Cheryl Brady in the teen soap, will play the wife of a serial killer in upcoming BBC Two thriller The Fall.
Waugh said that she will not need to take a break from Hollyoaks to film the five-part piece.
She explained: "I am so thrilled and honoured to have been given this opportunity by the BBC. It is such a challenging and demanding role that I feel will really stretch me and explore my range.
"Allan Cubitt's script is the kind that actors can only dream of and to be involved with such an esteemed cast and creative team is a definite career high for me.
"I'm so lucky to have such an understanding boss at Hollyoaks. Emma Smithwick, our executive producer, was so supportive and did everything in her power to enable me to do both.
"She knew what an amazing opportunity it was for me. It's been tough - working seven days a week and flying back and forth between Belfast and Liverpool - but I absolutely love it!"
Playing Sally-Ann Spector in The Fall, Waugh will appear alongside X Files legend Gillian Anderson, who stars as murder investigator DSI Gibson.
Hollyoaks co-star Gerard McCarthy has signed up for the show in March. Once Upon a Time's Jamie Dornan and Séainín Brennan have also been recently announced.