The project will be directed by Asger Leth, according to Variety. Peter Craig is penning the script.
Originally the movie was intended as a remake of 1993 Italian movie La scorta, but the film has now evolved into an action vehicle for the 2009 Oscar winner.
It will tell the story of Ed Marker, who is on a mission to protect his son after his wife is brutally killed in the world of Mexican cartels.
Shooting is scheduled to start in the summer as long as the 48-year-old signs up for the role.
Penn is also currently in discussions about starring in Doug Liman's drama Fair Game.