The "12 Years a Slave" star will front Paramount's new series based on the Walter Tevis novel and Nicolas Roeg's classic 1976 film, in which Bowie played an alien.
Chiwetel will play a new alien character, who arrives on Earth to save mankind.
"Chiwetel Ejiofor's stage and film career are staggering in their bravery, commitment and quality," writers and producers Alex Kurtzman and Jenny Lumet state. "He's everything we could imagine and a million things we can't. We couldn't be more thrilled."
Kurtzman is also set to direct.
David Bowie took home the title of Best Actor at the Saturn Awards, thanks to his onscreen performance in the original "Man Who Fell to Earth" movie which went on to achieve the cult classic status.
She joins Joe Jonas, Jonathan Majors, Glen Powell, Christina Jackson, and Thomas Sadorski in the drama, directed by J.D. Dillard.
Jonas will make his feature film drama debut in the movie about the true story of U.S. Navy fighter pilots Jesse Brown and Tom Hudner, based on a book by Adam Makos.
Filming will begin later this month