The 45-year-old - who previously played Aquaman in the DC Extended Universe and starred on the hit television shows Game of Thrones and Stargate Atlantis - is set to play the alien bounty hunter in the upcoming movie.
Momoa - who led the Aquaman film franchise between 2016 and 2023 - previously admitted he would relish the opportunity to play Lobo one day.
"So Lobo was ... I collect comics, and I don't do so much anymore, but he was always my favourite, and I always wanted to play Lobo," Momoa said during the media tour for The Lost Kingdom.
"Because I'm like, 'Hello? It's the perfect role'.
"I mean, listen, if they call and ask me to play him, it's a, 'F*** yeah!'
"I haven't received that call, so I don't want to put any fake news out there. But if they call me ask me to play, or ask me to audition, I'm, there."
Jason Momoa starred in Aquaman with Nicole Kidman (left) and Amber Heard (right). (AP PHOTO)
Momoa confirmed his casting by reposting the quote on his Instagram account, and captioning the comments: "They called."
One of the most sought-after stars in the movie business, Momoa has previously admitted he took a "very, very, very hard road" in the film industry.
"Now it's wonderful because it wasn't handed to me. It was a very, very, very hard road," he told Men's Health magazine.
"For a good 20 years, no one knew who I was. I worked on TV shows and wanted to be on something better."
Momoa also confessed to being amazed by the success of the Aquaman films.
He conceded that you "just don't know" how a movie will perform at the box office before it is released.
Momoa starred in the money-spinning franchise alongside Amber Heard, Willem Dafoe and Nicole Kidman.
"Well, to be perfectly honest, I was absolutely baffled that Aquaman was received so well," he said.
"I've done things that are amazing that no one sees and no one gives a s*** about. You just don't know in this business."
Momoa never considers the financial performance of his films before they hit the box office.
He insisted he was equally committed to all his projects.
"I don't go do things and think, 'Oh, I'm gonna get $1 billion on this one'. I go in and do my best job," he said.