The book was published by William Morrow last week, though the studio picked up the rights in spring, when it still was in galley form, the Hollywood Reporter said.
'Live By Night' is a Boston-set story, centering on Joe Coughlin, who rebels against his cop father and becomes a career criminal, eventually joining a mobster.
Affleck and his Pearl Street banner will join Leonardo DiCaprio's Appian Way to produce.
The road to the partnership was paved by Affleck starring in 'Runner Runner', the upcoming gambling drama on which Appian Way is a producer.
Affleck is also attached to direct Warner Bros adaptation of 'The Stand' as well as an English-language remake of the French thriller 'Tell No One'.
Lehane's three other novels 'Mystic River', 'Shutter Island' and 'Gone, Baby, Gone' have already been adapted into successful movies.
