Line of Sight centres on an elite commando squad who have to deliver an important cargo while tackling a potential global disaster.
The film will be shot from one commander's perspective, with Halo: Reach writer Peter O'Brien brought in to develop the script, according to The Hollywood Reporter.
It will be produced by Joel Silver and Andrew Rona.
Affleck is currently directing and starring in political thriller Argo.
Argo tells the true story of military agents who managed to rescue kidnapped diplomats in Iran in the 1970s by convincing the authorities that they were making a science fiction film.
Affleck was also rumoured to be interested in directing Tell No One, a remake of a French thriller about a suspected murder by a doctor.
Argo scriptwriter Chris Terrio is behind the script of the planned Hollywood version.