The actors join Vince Vaughn, Kevin James Jennifer Connelly and Winona Ryder in the project, says The Hollywood Reporter.
Vaughn co-wrote the movie's script with Alan Loeb. The plot finds Vaughn's character learning that his best friend's wife (Ryder) is cheating on him. He has to decide whether or not to tell his friend (James) about her infidelity.
Tatum will play Ryder's tattooed lover. Vaughn is also producing the movie with Bryan Grazer.
Production begins in June for a January 12, 2011 release date.