The movie is being directed by Jaume Collet-Serra, who last helmed Liam Neeson-Ed Harris starrer "Run All Night", said The Hollywood Reporter.
"In The Deep", written by Anthony Jaswinski, centres on a young woman (Lively) dealing with the loss her mother, surfing in an isolated area when she gets stranded on a buoy.
Things take a turn for the worse, when a gigantic great white shark comes between her and the shore.
The 27-year-old actress currently has a scheduling conflict with filmmaker Woody Allen's latest untitled movie and it is unclear whether she will be able to do both the films.
She is now shooting "All I See Is You", a Marc Forster drama which also stars Jason Clarke.
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