The 33-year-old actress is already creating waves internationally with her maiden American television series Quantico, for which she even bagged a People's Choice Award.
Baywatch is Paramount's big screen take on the 1990s television series about California lifeguards.
Seth Gordon will direct the feature, which is paddling toward a shoot with Alexandra Daddario and Kelly Rohrbach also suiting up, reported an entertainment portal.
The movie centres around the leader of an elite group of lifeguards (Johnson), who is forced to team up with a young, hotshot former Olympian (Efron) to save their beloved bay.
Scheduling conflicts with the film's shoot and Priyanka's Quantico still need to be worked out, but if signed, the actress would play the story's villain.
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