The live-action film will be helmed by director Kenneth Branagh with Irish playwright Conor McPherson penning the script.
Shaw was chosen out of 1200 candidates for the role in the film, which will also mark his acting debut, reported Oh My Disney.
Written by Eoin Colfer, the "Artemis Fowl" books follow 12-year-old Artemis, who finds himself in a battle of strength and cunning against a powerful, hidden race of fairies who may be behind his father's disappearance.
Disney also announced that the film will feature actors Josh Gad, Judi Dench, Lara McDonnell, and Nonso Anozie in supporting roles.
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