The 28-year-old actor will play Elizabeth Kloepfer, former girlfriend to Efron's Bundy in the Joe Berlinger- directed movie, reported Variety.
Talking about Collins' selection to essay Kloepfer in the film, Berlinger said, "Lily has very quickly distinguished herself as a major talent in a number of diverse roles in recent years.
"I am really excited about taking Zac and this hugely talented actress to some dark but very human places they may not yet have explored."
The movie explores Kloepfer's perspective during the long time that Bundy hid his murder spree from her when they were living together.
The original screenplay was written by Michael Werwie, which won the Nicholl Fellowship first prize and was featured on the Black List.
The production is set to begin on January 10.
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