Austin Butler is going “Psycho.”

The Academy Award-nominated “Elvis” star has signed on to play Wall Street yuppie/serial killer Patrick Bateman in “American Psycho,” director Luca Guadagnino’s upcoming adaptation of Bret Easton Ellis’ 1991 novel of the same name for Lionsgate.

Variety first reported the news.

“American Psycho” is a satirical horror story set in 1980s New York City about an investment banker who leads a double life as a serial killer, though both sides of his life are depraved. Butler has played a psycho before, as Feyd-Rautha in “Dune: Part Two,” and is developing a reputation as an actor who commits intensely for roles.

The novel was previously adapted in 2000 by director Mary Harron, with another famously committed actor, Christian Bale, playing Bateman. The film, which was controversial for its violent and sexual content, helped put Lionsgate on the map as a prominent distributor. Guadagnino’s film is not a remake,...