The X-Men actor beat competition from actors including Jack Huston and Toby Kebbell to win the coveted part, reported Deadline.
Scottish star James, 34, is currently negotiating his deal to star in director Paul McGuigan's film.
He will join former Harry Potter star Daniel Radcliffe, who has already signed up to play the character Igor.
Little is known about the new sci-fi take on Mary Shelley's classic tale, but Igor is thought to be a hunchback who assists Frankenstein in creating his monster.
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