The film, which was being shopped as a hot package in Cannes this year, also stars Channing Tatum, Michael Shannon, Adam Driver, Riley Keough and Seth MacFarlane, reported Deadline.
Channing and Michael will play brothers who plan a heist during a high-profile NASCAR race.
Gregory Jacobs, Mark Johnson and Reid Carolin are producing.
Production for "Logan Lucky" is scheduled to begin in the fall.
"Logan Lucky" is Steven's first film after the director vowed that he retired from film. Most recently, he directed the 2013 medical thriller "Side Effects" starring Channing, Jude Law, Rooney Mara and Catherine Zeta-Jones.
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