The film, an adaptation of John Carl Buechler's 1986 film "Troll", will also star newcomer Baxter Bartlett who will voice the title character, reported Entertainment Weekly.
The new movie will follow a troll wizard who plans to take over the world, and only Harry Potter Jr and a magical witch (Arquette) can stop him.
Buechler will co-produce the forthcoming film along with Peter Davy.
"Troll: The Rise of Harry Potter Jr" is scheduled to release in early 2017, and a television series is also in the works.