The 33-year-old actor, who won numerous accolades for his performance as Stephen Hawking in "The Theory of Everything", is set to play Newt Scamander in the "Harry Potter" spin-off, reported Ace Showbiz.
Greg Silverman, President of Creative Development and Worldwide Production, Warner Bros. Pictures, announced Redmayne's casting.
"Eddie Redmayne has emerged as one of today's most extraordinarily talented and acclaimed actors.
"We are thrilled to welcome him into JK Rowling's Wizarding World, where we know he will deliver a remarkable performance as Newt Scamander, the central character in 'Fantastic Beasts and Where to Find Them'," he said.
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"Eddie is a fearless actor, brimming with invention, wit and humanity. I couldn't be more excited about the prospect of working with him as we start this new adventure in J K Rowling's wonderful world, and I know she feels the same way," he said.
Rowling and Yates team up with David Heyman, Steve Klove and Lionel Wigram, who all have worked on "Harry Potter" films, to executive produce the upcoming spin-off.
The movie is slated to be released in 3D on November 18, 2016.