"Bullet Train" director David Leitch will helm the project and is inspired by the classic 1980s series of the same name.
Drew Pearce, who worked with Leitch on Universal’s "Fast & Furious Presents: Hobbs & Shaw", has penned the script for the movie, reported entertainment news outlet Deadline.
The plot details have been kept under wraps.
Created by Glen A Larson, the original show ran on ABC from 1981 to 1986. It featured Lee Majors as a Hollywood stuntman who, to make ends meet, has a side hustle as a bounty hunter. Douglas Barr co-starred as his sidekick and Heather Thomas as a fellow stunt actor.
Leitch will also produce the project along with Kelly McCormick through their 87North shingle. Gosling will produce along with Guymon Casady of Entertainment 360.
The film will start production later this year in Australia and will release in theatres on March 1, 2024.
Blunt, who was most recently seen in "A Quiet Place II" and "Jungle Cruise" opposite Dwayne Johnson, is currently working on another project from Universal.
The actor is part of an ensemble cast of filmmaker Christopher Nolan's "Oppenheimer", which also stars Cillian Murphy, Robert Downey Jr and Matt Damon.