Montgomery's casting was also shared on the Power Rangers Twitter account, reported Digital Spy.
"Every #PowerRangers squad needs a leader. #DacreMontgomery is officially suiting up as the #RedRanger. Get excited for the @PowerRangersMovie, coming in 2017!"
Montgomery joins "The Martian" star Naomi Scott, who will be playing the Pink Ranger in the film.
Directed by Dean Israelite, "Power Rangers" will go into production early next year to make a January 13, 2017 release date.