The "13 Hours" star will write, direct, and star in "A Quiet Place" alongside the "Sicario" actress, reported Deadline.
The stars have never acted on screen together, although they both appeared separately in 2011's "The Muppets."
Plot details for the new movie are currently under wraps, but the shoot is scheduled to begin this autumn.
Krasinski rewrote the script from Scott Beck and Bryan Woods' original draft.
The 37-year-old will also serve as an executive producer alongside Beck and Woods.
"A Quiet Place" will be the third movie Krasinski has directed - he previously took charge of "Brief Interviews with Hideous Men" and "The Hollars.