His unnamed horror film will also feature Brits John Hurt and Tilda Swinton, who worked with the filmmaker on The Limits of Control and Broken Flowers.
Jarmusch tells Screen Daily, "I’ve been imagining this film for years. I can’t wait to now realise it with these remarkable collaborators."
Swinton, Wasikowska and Fassbender will play vampires in the movie, which will shoot on location in Germany and Morocco in early 2012.
Jarmusch isn't the only cult filmmaker with vampires on his mind - director Neil Jordan has signed on to direct Saoirse Ronan and Gemma Arterton in Byzantium.