The Universal thriller revolves around a father, to be played by Costner, who attempts to save his estranged daughter from a Colombian gang by trafficking cocaine to London on a midnight flight, the Hollywood Reporter said.
Del Toro, whose robots versus monsters saga "Pacific Rim" is currently in theatres, is preparing for his next directorial venture 'Crimson Peak'. The film will begin shooting in 2014.
Costner was last seen as Jonathan Kent in "Man of Steel". He will also been seen opposite Chris Pine in Jack Ryan in "Three Days to Kill".
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