The new film is being directed by Jose Padilha. Kinnaman plays the title character, a cop named Alex Murphy who is brought back from the brink of death and turned into a cyborg police officer in the movie, the Hollywood Reporter said.
Oldman will play Norton, the scientist who creates Robocop and finds himself torn between the ideals of the machine trying to rediscover its humanity and the callous needs of a corporation.
The production may begin this September in Toronto for a release in summer 2013.
Oldman is returning on the big screen as Commissioner Gordon in "The Dark Knight Rises", Christopher Nolan's final movie in the Batman trilogy.
His period crime movie "Lawless" premiered in Cannes recently.
