The indie drama, which also stars Jason Bateman and Alexander Skarsgard, is "centred on a group of people searching for human connections in today's wired world".
Although Jacobs' character name hasn't been revealed, fashionista.com predicts we'll be seeing a lot more of the designer than originally thought.
"No word yet on how this porn king will factor into the story line. But the plot, as we previously reported, has several places where we could imagine the porn industry getting involved," said the fashion site.
Jacobs has so far refused to comment on his character since telling style.com, "I play a character that's not like me at all."It is not the first time a fashion designer has appeared onscreen – it was revealed just last month that Karl Lagerfeld is set to appear in a Snoop Dogg video clip, while Tom Ford owns his own film production company.