The Eastern Promises actor - who is half Danish and spent several years of his childhood in Argentina - will also produce Lisandro Alonso's as yet untitled film.
He will play Gunner Blixen, who along with his daughter travels from Denmark "to a desert that exists in a realm beyond the confines of civilisation", reported Variety.
Production is due to start next year.
Viggo was recently seen in the film adaptation of Jack Kerouac's On The Road and has several projects coming up, including thriller The Two Faces Of January.
It has also been reported that the 54-year-old will star in David Cronenberg's new film Maps To The Stars. Robert Pattinson and Rachel Weisz have also been linked to the movie.