Open Road Films has acquired the rights for the action thriller, reports ComingSoon.net.
The movie centres around an elite Drug Enforcement Administration (DEA) task force that hides millions of dollars in stolen cash during a high profile raid. The group think they have gotten away with the heist, until they start being killed one-by-one.
"I am really excited about this project and the team that's come together," said Schwarzenegger. "David Ayer is incredibly talented and exactly what I want for a story this compelling."
"This is going to be an amazing role for Arnold," added Ayer. "Reality is the watchword of this project and an exciting cast is in the works. I couldn't be more excited as a filmmaker to work with one of my longtime heroes."
Schwarzenegger is currently filming The Tomb and will next be seen in The Expendables 2, which will debut on August 17.
Ayer's next movie End of Watch will be released on September 28.
The Ten screenplay was written by Skip Woods (A Good Day to Die Hard).
Watch the trailer for The Expendables 2 below: