Lionsgate has acquired the original story that was penned by "Deja Vu" writer Bill Marsilii in a six figures deal, said The Hollywood Reporter.
Witherspoon, 39, will produce with Bruna Papandrea under their Pacific Standard Films banner.
The plot details has not been revealed yet, but the film is being described as a dark thriller with supernatural elements.
Under their banner Witherspoon and Papandrea have produced films like "Gone Girl" and "Wild" acquiring a lot of critical acclaim.
They are also are backing Disney's Tink, a live-action take on the Peter Pan character Tinker Bell with "Just like Heaven" star taking up the titular role.
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