The actress will play Leila, a woman who had been in a relationship with Jamie Dornan's character, who is scarred both emotionally and psychically, said the Hollywood Reporter.
Heathcote joins Kim Basinger, who will play Grey's Mrs Robinson-esque first lover.
James Foley is set to direct the next two installments of the E L James adaptation "Fifty Shades Darker" and "Fifty Shades Freed" from screenplays by Niall Leonard.
The first film in the franchise "Fifty Shades of Grey" grossed USD 560 million worldwide.
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