The 35-year-old actor, who recently tied the knot with actress Blake Lively, is set to star in the film to be directed by "Iron Man" helmer Jon Favreau, reported Ace Showbiz.
The script has been penned by Dan Gilroy, who recently wrote the screenplay for "The Bourne Legacy".
"Battle for Bonnenville" follows half-brothers Art and Walt, who are also rivals on the drag race track. They later put aside their differences and team up to set the world land speed record for three times.
The record was accomplished in the salt flats of Utah in a jet-powered race car.
Besides the race movie, Reynolds will also be seen in thriller called "The Voices" from "Paranormal Activity" script Michael R Perry.