Brian Gleeson and Alistair Petrie are also on board the new film, which will be directed by Neil Marshall, reported The Empire magazine.
Okonedo will play Lady Hatton, a resident seer at the Osiris Club, while Petrie will portray Lord Adam Glaren, a high-ranking member and Gleeson is playing Merlin.
David Harbour will star in the title role.
The movie also features Ian McShane as Harbour's adoptive father, Professor Trevor Broom and Milla Jovovich as a mysterious medieval sorceress.
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