The former Lancashire fish and chip shop worker – whose real name is Laura Hollins – will star opposite Peter Mullan in British director Terence Davies's new film Sunset Song.
The film, based on the classic 1932 novel of the same name by Lewis Grassic Gibbon, will see Deyn play farmer's daughter Chris Guthrie.
After her mother commits suicide and her father suffers a stroke, Chris is forced to look after the farm and care for herfamily, while resisting her father's incestuous advances and seeing her new husband conscripted to fight in the First World War.
The 29-year-old actress, model and singer said: "When I read the script I fell completely in love with the character and the story.
"I'm so honoured and excited to be working with Terence.
"He's such an incredible director. I can't wait to get started and just hope I can do Chris Guthrie justice."
Peterhead-born Mullan, 52, starred opposite Olivia Coleman in the critically acclaimed Tyrannosaur and was last seen in Steven Spielberg's War Horse.
He has also directed several movies, most recently Neds.
Deyn had a small role in 2010 film Clash of the Titans, playing Aphrodite, Greek goddess of love.
Earlier this year she made her debut on the West End stage, in Francois Archambault's comedy The Leisure Society.
Davies's most recent film was an adaptation of the 1952 Terence Rattigan play The Deep Blue Sea.