Jose Padilha is directing the film, which is being produced by Strike Entertainment’s Marc Abraham and Eric Newman.
Kinnaman (The Killing) plays the title character, a cop named Alex Murphy who is brought back from the brink of death and turned into a cyborg police officer.
Oldman will play Morton, the scientist who creates Robocop and finds himself torn between the ideals of the machine trying to rediscover its humanity and the callous needs of a corporation.
The production is eyeing a September shoot in Toronto and has a tentative release date of summer 2013.
Oldman, repped by APA and manager Douglas Urbanski, will next be seen as Commissioner Gordon in The Dark Knight Rises. His period crime movie Lawless, which also stars Shia LaBeouf and Tom Hardy, just premiered in Cannes. With movies such as Christopher Nolan's Batman trilogy and the Harry Potter series under his belt, Oldman has the distinction of being the top-grossing actor of all time. He also was nominated for an Oscar this year for his performance in Tinker Tailor Soldier Spy.