The veteran actor will play Pappas in the Ericson Core-directed Alcon Entertainment movie, reported Digital Spy.
The role was originally played by Gary Busey in the original 1991 film. Winstone was first rumoured for the role in April.
'Point Break' centres around FBI agent Johnny Utah (Luke Bracey) who goes undercover to break a criminal ring within the extreme sports scene.
Gerard Butler was in line to play villain Bodhi before dropping out this week. Winstone was most recently seen in Darren Aronofsky's 'Noah'.
'Point Break' will enter production in June.
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