The potential blockbuster was due to be filmed in Japan last year but the devastation from the tsunami and earthquake that hit in March put production on hold.
Sydney-born Jackman, who will reprise the role of the metal-clawed, muscled-up mutant, said he could not be more excited.
"It will be great to work with the highly talented crew and to provide employment opportunities to so many people across all levels of the industry," he said in a statement.
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"Not to mention, Deb and I will get to spend some time with the family back in Australia," he added, referring to his wife.
"X-Men Origins: Wolverine", the fourth film in the franchise and a prequel to the original trilogy, was also filmed in Australia in 2008.
Other large-scale productions to have been made Down Under recently include "The Great Gatsby" and "Happy Feet 2."
Prime Minister Julia Gillard said the movie would result in over $80 million of investment in Australia and create more than 2,000 jobs.
"This new chapter in the Wolverine series will help develop the skills and experience of our film sector -- jobs that we want to keep here in Australia, not overseas," she said.
"A healthy Australian film sector is essential if we are to produce and see Australian content at the cinema, on our TV screens and online into the future."
