The 33-year-old actress played FBI agent Kate Macer in the original film.
Blunt is currently pregnant and is expected to be busy with "Mary Poppins Returns" post maternal leave, reported Aceshowbiz.
"Soldado" will focus on Benicio Del Toro, who played an assassin and previously teamed up with Macer to take down a Mexican drug lord.
Josh Brolin will be reprising his role as a CIA agent.
Italian filmmaker Stefano Sollima is in talks to direct the movie after "Green Room" helmer Jeremy Saulnier passed the offer due to scheduling conflict.
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