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Directed by Charles Matthau, the film will be an adaptation of Elmore Leonard's popular crime novel.
Dillon will portray a Detroit police officer called Chris Mankowski, who in his job as part of a bomb squad stumbles across a plot by two former sixties radicals to extort a Hollywood millionaire.
Fraser will star as a former activist who now uses his bomb knowledge as a movie advisor, while Robinson will portray a former member of the Black Panthers.
William H. Macy has already been confirmed to be attached to the project.
Freaky Deaky is due to begin filming on June 27.
