The 79 year old is the last surviving member of the main cast of the 1960 Western, which also starred Yul Brynner, Steve McQueen and Charles Bronson, and he has now signed up to appear in a new independent film called The Magnificent Eleven.
The job will mark Vaughn's first feature project in a decade.
In the original film, which was a remake of Japanese movie Seven Samurai, Vaughn played a good guy gun slinger, but in the new picture, he will tackle the role of a villain called American Bob.
Vaughn tells Britain's Daily Mail, "I like any kind of bizarre comedy and that’s what this is. I like playing sociopaths and psychopaths who are also funny. It’s very cleverly written with a lot of oddball gags. I have a line in one scene where I say to this guy who was a tiler, 'I’m giving you a chance to live for one reason - because you did such a good job on my bathroom'."
Vaughn will next be seen playing a role on the U.K.'s longest running soap opera, Coronation Street.