Paramount recently won the bidding for the property over Lionsgate and Sony. Krasinski will write, direct, produce and star while Reynolds will co-star if the deals go through.
The story centers on a man who can see and talk to people’s imaginary friends. Trouble emerges from imaginary friends who lack friendship and turn to the dark side.
It would be the second major attachment for Reynolds this month following his deal with Apple to star with Will Ferrell in “A Christmas Carol,” a new live-action musical based on the Charles Dickens classic. He’ll be seen next in Netflix’s “6 Underground,” directed by Michael Bay with streaming starting on Dec. 13.
Krasinski starred, directed and executive produced “A Quiet Place” for Paramount, which became a surprise hit with $340 million worldwide. He’s in post-production on “A Quiet Place: Part II,” which opens March 20 with his spouse Emily Blunt, Millicent Simmonds and Noah Jupe reprising their roles.
Krasinski also stars as the title character and executive produces Amazon’s political thriller series “Jack Ryan,” with its second season set to premiere in November.
Reynolds is repped by WME and Sloane Offer. Krasinski is repped by WME and Schreck Rose.