The Unstoppable star could take on the role of a fugitive who enlists the help of two 14-year-old boys to help him escape from an island in the Mississippi, 24 Frames reports.
Memento producer Aaron Ryder has compared the script to the Stephen King adaptation Stand By Me.
The Supernatural director Jeff Nichols will be helming from his own screenplay.
Pine, 30, has three films to be released in the coming two years, including the as-yet-untitled Star Trek sequel, in which he will play Captain Kirk.
Plans to reboot the Jack Ryan thriller series with Pine in the lead role were recently shelved.