Basil Iwanyk will produce along with Thad and Trent Luckinbill and Molly Smith through their Black Label Media banner as well as Edward McDonnell.
Story follows an officer from Tucson, Arizona who travels across the border to Mexico with a pair of mercenaries to track down a drug lord.
Taylor Sheridan penned the script.
Villeneuve will film later this summer, and then follow that up with the sci-fi pic “Story of Your Life,” which has Amy Adams in early talks to star. That will shoot in early 2015.
Blunt has two tentpole pics set to bow this year with Warner Bros: “The Edge of Tomorrow,” also starring Tom Cruise, bowing on June 6, and Disney’s “Into the Woods,” premiering on Christmas Day.
She is repped by CAA.