The true-life baseball and wife-swapping tale follows New York Yankees players Fritz Peterson and Mike Kekich. During 1973 spring training, the players announced that they had traded wives.
The Trade is the first project for the Good Will Hunting collaborators under a new arrangement with Warner Bros.
Seinfeld and Curb Your Enthusiasm writer Dave Mandel penned the script, though life rights to the story are still pending.
Affleck will reportedly direct and star in the feature as Peterson, with Damon possibly playing Kekich.