Lucasfilm announced the news on an episode of "The Star Wars Show", according to The Hollywood Reporter.
Powell is largely known for his work on animated movies, including "Shrek" and "Kung Fu Panda". He earned an Oscar nomination for the 2010 film "How to Train Your Dragon".
He was a member of Hans Zimmer's music studio, Remote Control Productions, and has collaborated frequently with other composers from the studio, including Harry Gregson- Williams and Zimmer himself.
Powell will be the third composer to score a 'Star Wars' live-action film, after series veteran John Williams and Michael Giacchino of "Rogue One: A Star Wars Story".