Lester, whose last big screen appearance was in 1977's Crossed Swords, will portray King Harold II in the historical drama. Lester's son Felix will also appear in 1066 as Harold's son Godwin.
Director and co-writer Robin Jacob said: "The rapport between father and son will add great authenticity to the film."
Ian Whyte (Alien vs. Predator), Martin Klebba (Pirates Of The Caribbean) and Gary Daniels (Tekken) are also among the cast.
The film will centre on events that unfolded on October 14, 1066, when the Norman and Anglo-Saxon armies fought the decisive Battle of Hastings which saw the Normans conquer England.