The 32-year-old actress will play the role of Swedish opera singer, Jenny Lind, in the film, reported Variety.
It also stars Zac Efron, Michelle Williams and Zendaya while Michael Gracey is directing the project.
Chernin Entertainment and Laurence Mark are producing. Production is set to begin in the fall.
The project has been in development since 2009 with Jackman attached to play Barnum (showman), founder of the circus that became the famous traveling Ringling Bros and Barnum and Bailey Circus.
Ferguson will also star in Daniel Espinosa's "Life" opposite Ryan Reynolds and Tomas Alfredson's "The Snowman" alongside Michael Fassbender and the movie adaptation of "The Girl on the Train".
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