Max Irons and Dexter Fletcher are also on board the project directed by Vaughn Stein from his own screenplay, according to The Hollywood Reporter.
"Terminal", which is currently shooting in Hungary, follows two hitmen (Fletcher and Irons) as they embark on a borderline suicide mission for a mysterious employer and a large paycheck.
Along the way, the unlikely pair discover that a dynamic woman named Annie (Robbie) may be more involved than they had originally suspected.
Pegg will next be seen in "Star Trek Beyond", Irons will star on ITV's "Tutankhamun", and Fletcher worked behind the lens as director in "Eddie the Eagle". Myers, meanwhile, is creating a new series for HBO.