Keaton will play the CEO of the corporation that builds RoboCop. He joins previously announced stars Joel Kinnaman, Gary Oldman and Samuel L. Jackson in the film, which is being directed by José Padilha.
The project is due to begin filming next month, and is scheduled to be released on August 19, 2013.
Recent reports noted that British actor Hugh Laurie was in the running to take on the role, as was Clive Owen. The film is set in a crime-ridden city in which a wounded cop returns to the force as a cyborg haunted by his memories.
“Michael is the final addition to the amazing cast we have assembled for this film and it is so great to have the last puzzle piece in place," said Padilha. "We’ve got a great script, a great cast, some killer ED-209’s and I can’t wait to get Alex Murphy back on the streets."