The 31-year-old actress is lining up to star in the action thriller, reported Variety.
The film will centre around a cop from Tucson, Arizona, who teams up with two mercenaries to cross the Mexican border on the trail of a drug lord.
Villeneuve will film 'Sicario' in the summer, and will follow it up with the sci-fi drama 'The Story of Your Life'.
'American Hustle' star Amy Adams recently entered talks to star in the latter film, which is based on a Ted Chiang novel.
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