Directed by Dexter Fletcher, Walken joins the previously reported Tony winner Hugh Jackman and Taron Egerton.
Produced by Matthew Vaughn, the film, according to Deadline, "tells the true story of Britain’s first Olympic ski jumper, Michael Edwards (Taron Egerton), who rose to fame as the very-last-place finisher in two events at the 1988 Winter Olympics in Calgary. He left the Games as a scene-stealing poster boy for never-say-die underdogs everywhere."
Jackman will portray Edwards' coach with Walken as a mentor to Jackman's character.
In related news, Walken will also be seen opposite Kevin Spacey in the new comedy "Nine Lives." The feline-themed film, which is directed by Barry Sonnenfeld, features a screenplay by Daniel Antoniazzi and Ben Shiffrin.
Jackman is also working on a Bible-based film, "Apostle Paul."