The film, which has begun shooting, will mark the Hollywood debut of Priyanka, who has already shot to fame with her role in American TV series "Quantico".
"Baywatch", which is a big screen adaptation of popular 1990s action TV drama series about California lifeguards, will be directed by Seth Gordon.
The movie centres on the leader of an elite group of lifeguards (Johnson), who is forced to team up with a young, hotshot former Olympian (Zac Efron) to save their beloved bay. Priyanka, 33, plays a villain in the film.
Besides the release date, Paramount Pictures also announced that principal photography has commenced on "Baywatch", which also stars Alexandra Daddario, Jon Bass, Kelly Rohrbach, Ilfenesh Hadera and Hannibal Buress.
Production of the film, which will be released in India by Viacom18 Motion Pictures, is set to take place in Miami and Savannah.