According to The Hollywood Reporter, Hawke is the first cast member to join the currently-untitled movie, details of which are being kept closely under wraps.
Derrickson penned the film's script along with C. Robert Cargill, and Insidious producer Jason Blum is also on board.
It was recently confirmed that Hawke will film a cameo appearance in Len Wiseman's upcoming remake of Total Recall.
In April, Hawke announced that he and his wife Ryan Shawhughes are expecting their second child together later this year.
Derrickson's horror film is due to begin filming in September.