The brunette actress - best known for playing ditzy Summer Roberts in the hit teen series - will don the famous starred hot pants and wield her gold whip in the film.
Bilson has already proved her suitability for the iconic part, after she donned a Wonder Woman outfit for a sexy seduction scene in 'The O.C.'.
A host of Hollywood stars had been tipped for the role, including Catherine Zeta-Jones, Cameron Diaz and 'Van Helsing' actress Kate Beckinsale, who turned down the part saying she "did not want to embarrass her daughter" by wearing the revealing outfit.
The character was made famous by Lynda Carter in the classic 70s TV series.
Producers Warner Bros. have so far refused to confirm reports Bilson has landed the role.