According to Variety, Cianfrance has now found a backer for his new project, The Place Beyond the Pines, in the form of Sidney Kimmel Entertainment, and is looking to finalise casting details.
Blue Valentine lead Gosling is already attached to star as a motorbike rider forced to begin a career as a bank robber to support his child.
The studio is also believed to have offered The Hangover Part II star Cooper the film's other lead role, that of a rookie police officer tasked with tracking down Gosling's character.
Gosling's production slate is looking increasingly busy, having already been linked to a remake of Logan's Run, as well as George Clooney's The Ides of March, and Gangster Squad opposite Sean Penn.
Cooper is similarly busy, currently pursuing the starring role in a remake of cult classic The Crow, and a supporting role as Lucifer in a film adaptation of Milton's Paradise Lost.
Principal photography on The Place Beyond the Pines is due to begin this summer with a script written by both Cianfrance and Ben Coccio.
Watch the trailer for Derek Cianfrance's last film Blue Valentine, starring Ryan Gosling and Michelle Williams, below: