The pair – who previously co-starred in 1994 action thriller Speed and 2006 romance fantasy The Lake House – are set to join forces for an unnamed romantic thriller for at Amazon MGM Studios.
According to The Hollywood Reporter, the plot for the film has been described as "propulsive".
Mark Gordon – who produced Speed – will produce the movie with Reeves and Bibby Dunn via The Mark Gordon Company, along with Bullock for Fortis Films and Oppenheim and Sarah Bremner for Prologue Entertainment.
Just last year, Reeves and Bullock revealed they were keen to reunite on screen again.
During a joint interview on the 50 MPH podcast, Reeves spoke about a possible Speed 3, saying: "I mean, you know — we'd freakin' knock it out of the park."
Bullock said: "There's no formula. It just is. Before I die, before I leave this planet, I do think that Keanu and I need to do something in front of the camera. Are we, you know, in wheelchairs or with walkers? Maybe. Are we on little scooters at Disneyland?"
Reeves said: "It does feel like there is a siren call to it, like there's something that wasn't done. I would love to work with you again before our eyes close."
Speaking about Speed, he said: "We had an affection. And the characters themselves have an affection. I think Jack and Annie's is different than Sandra's and Keanu's, but I think we played off each other and I think it was just fun. I think, also, we kind of trusted each other, right?"
Bullock replied: "Yeah. I mean, people have full-blown affairs in movies, and you don't feel something between them. And then people can hate each other in movies and you go, 'That was electric,' you know? We didn't really look at each other in this movie except for maybe three or four times, because we were constantly battling the elements.
"And ... that's what made it so electric, too, is that, watching it, I guess you want them to connect. That was a really clever setup, to sort of keep people apart. Foreplay, I guess."
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