The Spider-Man actor has signed on for the supporting role of a news reporter who interviews an adult Pi, played by Irrfan Khan, about his experience of being shipwrecked.
In the novel, a young teenager called Pi find himself stranded in a lifeboat for 227 days with only a tiger, zebra, hyena, and orangutan for company.
Indian student Suraj Sharma will play the lead role of the 16-year-old Pi.
Maguire was last seen on screen in the 2009 war thriller Brothers, opposite both Jake Gyllenhaal and Natalie Portman.
This will be the second time Maguire has worked with Lee, having starred in the director's 1999 Civil War drama Ride with the Devil.
Life of Pi is currently scheduled for release on December 14, 2012
Watch Tobey Maguire in Brothers below: