DaCosta, who finished Top Model's third season as the runner-up, will star as Houston in the made-for-TV movie, which is scheduled to be released in 2015, TVLine reported.
I Will Always Love You: The Whitney Houston Story will chronicle the very public and volatile relationship between the iconic singer and Bobby Brown "from the time they first met at the very height of their celebrity, to their courtship and tumultuous marriage," according to Lifetime.
"Throughout it all, difficulties followed the superstar couple while they dealt with the overwhelming rewards and consequences of the fame and fortune created by Whitney's meteoric rise that would soon overshadow them both.
In February 2012, Houston -- who was also an acclaimed actress, producer and model -- was found dead in her guest room at The Beverly Hilton in Beverly Hills, CA. According to reports, Houston accidentally drowned in the bathtub with heart disease and cocaine being contributing factors.
"I have such regard for both Whitney's and Bobby's amazing talents and accomplishments; and I feel a responsibility in the telling of their story," Angela Bassett, who will be directing DaCosta's movie, said in a statement.
"Their humanity and bond fascinates us all. I'm beyond excited to have this opportunity to go behind the camera and into their world."
DaCosta has held down many supporting roles in independent films. She's also appeared on All My Children, Ugly Betty, The Butler, and House.