The "Black Swan" actor replaced Rooney Mara in the project, which also stars Jude Law, reported Variety.
Portman will play the role of Celeste in the film, to be directed by Brady Corbet.
The film follows Celeste, a pop star in Corbet's 15-year odyssey that takes place from 1999 to present day as it tracks the rise of the singer to superstardom.
Andrew Lauren, D J Gugenheim, Christine Vachon, David Hinojosa, Michel Litvak, Gary Michael Walters, David Litvak and Svetlana Metkina will produce the project.
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