Titled "First Man", the film will see Chandler playing Deke Slayton, the WWII flyer, who was selected as one of the original NASA Mercury Seven astronauts and became NASA's first Chief of the Astronaut Office, reported Deadline.
Gosling will play Armstrong, the first man to land on the surface of the moon.
The film is based on James R Hansen's book "First Man: The Life of Neil A Armstrong".
It is set to release on October 12 next year.