The 26-year-old troubled actress will star opposite Ashley Tisdale in the fifth installment of the franchise, reported Ace Showbiz.
Details of the character that Lohan will play are still unclear. Representatives for the production are yet to confirm her casting.
The film will also stars Anthony Anderson, Regina Hall, Craig Bierko and Erica Ash. The film is planned to kick off the production this September with director duo Malcolm Lee and David Zucker, who also wrote the script for "Scary Movie 3" and "Scary Movie 4".
"Scary Movie 5" is set to hit theaters across the US on April 19, 2013.
Lohan's upcoming big screen stint is "The Canyons", in which she will star opposite porn star James Deen. She will play Deen's girlfriend who is addicted to a materialist lifestyle.
The thriller will be helmed by Paul Schrader with Bret Easton Ellis penning the script.