The 42-year-old 'Star Trek' actor replaces Michael C Hall in the project, The Wrap reported.
Hall had to step down from his unspecified role in the movie due to scheduling issues.
Robert Redford, Bryce Dallas Howard, Wes Bentley and newcomer Oakes Fegley will also feature in the remake of the 1977 film, which featured an animated dragon and live-action actors.
The new film is not expected to be a musical, and will use CGI to create the dragon.
'Pete's Dragon' follows the story of a young boy who escapes from his abusive adoptive parents with his pet dragon.
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