The pic also stars Chris Pratt, Ethan Hawke, Haley Bennett and Vincent D’Onofrio, with Antoine Fuqua directing.
Sony and MGM are splitting the cost evenly with Sony distributing the film. MGM will oversee production.
The 1960 “Magnificent Seven” film, itself a remake of Akira Kurosawa’s “Seven Samurai,” starred Yul Brynner and Steve McQueen. It centered on seven gunslingers who protect an oppressed Mexican village from a group of outlaws.
The script was most recently reworked by John Lee Hancock after “True Detective” creator Nic Pizzolatto wrote the previous draft.
Production is expected to start within the next month as Fuqua assembles the remaining cast.
Grimes has been attracting the attention of Hollywood’s top-tier directors like Clint Eastwood for “American Sniper,” Sam Taylor-Johnson on “Fifty Shades of Grey” and now Fuqua on “Magnificent Seven.”
He can be seen next opposite Steve Carell and Julianne Moore in “Freeheld.” He is repped by CAA, manager Darren Goldberg and Bloom Hergott Diemer and Rosenthal.