Marvel Studios president Kevin Feige confirmed the news, talking about what it means to have the "Creed" director helm the superhero film, which will feature "a majority black cast", reported Digital Spy.
"This one is important. Not only do you get an unbelievable lead character, but you also get all of Wakanda, which is a whole new setting and culture to explore," said Feige.
"Black Panther", aka T'Challa, will be played by Chadwick Boseman, who previously portrayed baseball legend Jackie Robinson in 42.
Feige also shared further details on what to expect from the stand-alone Black Panther movie.
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Black Panther will be first introduced in next year's "Captain America: Civil War".
Coogler's name was shortlisted to take on "Black Panther" last month. Prior to him, "Selma" director Ava Duvernay was apparently being courted by Marvel.
"Black Panther" would be Coogler's third film after making his debut in 2013 with "Fruitvale Station".
"Black Panther" is set for a 2018 release.