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Director Ridley Scott will shoot the sweeping epic in Morocco starting in January.
In the film, Bloom will play a 12th-century blacksmith who becomes a knight to help fight against the Crusaders, and then falls in love with the princess of Jerusalem.
Bloom is currently in the midst of shooting "Troy," a historical drama which also stars Eric Bana and Brad Pitt. He plays the pivotal role of Paris in the film, to be released next summer.
The 26-year-old actor has also signed on for the sequel to the swashbuckling hit "Pirates of the Caribbean," based on the Disney ride of the same name.
He next appears as the elf Legolas in "Lord of the Rings: The Return of the King," the final chapter in author J.R.R. Tolkien's fantasy trilogy. The long-awaited film opens in December.