The pair are in negotiations to appear in Josh Boone's debut feature film, which he has also written, according to The Hollywood Reporter.
The movie will centre on the complicated relationship between a successful novelist, his ex-wife and their two children.
The project is being produced by Informant Media's Judy Cairo (Crazy Heart), who is currently working on Hysteria and The Expatriate.
Kinnear's dark comedy Thin Ice is due to debut in February.
He will also be seen later this year alongside Julianne Moore, Nathan Lane and Mirror Mirror actress Lily Collins in The English Teacher. The Craig Zisk-directed movie is currently in post-production.
Connelly appeared in The Dilemma last year.
She welcomed her second child Agnes with husband Paul Bettany last June, joining the couple's 7-year-old son Stellan and Kai, her 13-year-old son from a previous relationship.
> Paul Bettany: 'Jennifer Connelly is an amazing mother'