Deadline reports that Broccoli announced the news at Industry Days in Qatar, hosted by the Film Committee at Media City Qatar in partnership with the Doha Film Institute.
Oyelowo previously played the role of Othello in Broccoli's 2016 theatre production of the play, which reinvisioned the play as being set in US army barracks in Iraq.
In addition to Oyelowo, the film will also feature Superman actress Rachel Brosnahan in the role of Othello's wife Desdemona, with Brosnahan also returning from the theatre production.
The casting for one of Shakespeare's most iconic villains, Iago, has yet to be confirmed.
The news comes after it was revealed earlier this year that Broccoli and her half-brother Michael G Wilson would no longer be in creative control of the James Bond franchise, which would now rest entirely with Amazon MGM Studios.
"I have had the honour of working closely with four of the tremendously talented actors who have played 007 and thousands of wonderful artists within the industry.
Producer Cubby Broccoli had been involved with the Bond film franchise since its inception.
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