According to Deadline, the director will film the thriller in London this September and complete it next January in time for the Olympics rehearsals.
In August 2012, Boyle will then return to Trance and cut it, in the hope that it will be ready for theatres in March 2013.
Boyle will be reunited with his 127 Hours and Slumdog Millionaire producing partner Christian Colson.
The film will be in the mid-teen budget range, which has proven successful for Boyle in the past. Slumdog Millionaire cost $15m (£9m), while 127 Hours cost $18m (£10.8m), grossing around $450m (£272m) between them.
Trance is reportedly believed to have a hard-edged tone like other Boyle films such as Shallow Grave and Trainspotting.