The duo may feature in the film produced by Studiocanal, sources tell Variety.
The movie will be directed by "A Bigger Splash" helmer Luca Guadagnin and the script has been penned by Steven Knight.
The story revolves around a financial reporter (Gyllenhaal) who travels to Rio de Janeiro to visit his wealthy friend (Cumberbatch), only to get trapped into a plot to fake his death.