Paramount will distribute the film worldwide.
Monaghan plays a single mother who forms an unlikely alliance with LaBeouf as they are framed as terrorists and are forced to join a cell plotting a political assassination. Hillary Seitz wrote the most recent draft. Alex Kurtzman, Roberto Orci, Pat Crowley and Ed McDonnell are producing.
Deal marks the second recent DreamWorks film job for Monaghan, who stars alongside Ben Stiller in “The Heartbreak Kid,” the Peter and Bobby Farrelly-directed comedy to be released later this year.
Monaghan, who most recently starred alongside Patrick Dempsey in “Made of Honor,” next will be seen starring opposite Casey Affleck in “Gone Baby Gone,” the adaptation of the Dennis Lehane novel directed by Ben Affleck for Miramax.