The Twilight and Prometheus actors are negotiating for roles in David Michôd's follow-up to his debut feature Animal Kingdom, reports Variety.
Pearce is in line to appear as a man pursuing a group of thieves who have taken his car through the unforgiving Australian outback.
Pattinson is eyeing the role of one of the criminals.
Michôd wrote the script, which was based on a concept that he devised with Animal Kingdom star Joel Edgerton.
Pattinson was announced earlier in the week to be starring in Mission: Blacklist. He will next be seen in the closing instalment of Twilight: Breaking Dawn and David Cronenberg's Cosmopolis.
Pearce also featured in Animal Kingdom, and was recently announced to have taken a role in Iron Man 3.