The Oscar winner, who portrayed miser Ebenezer Scrooge in "The Muppet Christmas Carol", will play master thief Fagin opposite "Game of Thrones" star Lena Headey, singer Rita Ora, and comedian and author David Walliams in the new movie "Twist".
The film, which will be set in modern-day London, will also feature Jude Law's son Raff in the title role, according to Deadline.
Filming will begin later this year with Martin Owen directing from a script he has co-written.
Announcing his casting, Caine says, "Fagin is such an infamous character, it's going to be great fun playing him. I'm really looking forward to working with Lena, Raff and the rest of the cast in London when we start shooting."
Headey adds, "I couldn't be more excited to take on the iconic character of Sikes from Oliver Twist. Flipping roles without apology or character softening is a brilliant way to breathe new life into established materials and bring it to new audiences."
And Law can't wait to get started on his first major role, stating: "I'm excited to play such a well-loved literary character, and I'm looking forward to working with Martin Owen to bring to life his new take on the character in modern-day London."