The Avengers actor will be seen alongside Kate Winslet, Josh Brolin, Tom Lipinski and Gattlin Griffith in the Up in the Air director's drama, according to The Hollywood Reporter.
Based on Reitman's adaptation of Joyce Maynard's novel, the film centres around a young boy (Griffith) and his mother (Winslet) who offer a ride to a stranger (Brolin) on a Labor Day weekend.
The man is revealed to be an escaped convict, but nevertheless imparts some vital life lessons to the young man.
Gregg's role in the movie is yet to be revealed.
Maika Monroe, James Van Der Beek and Brighid Fleming will also feature in Labor Day.
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Gregg is best known for his recurring role as Agent Phil Coulson in Marvel Studios' Iron Man, Iron Man 2. Thor and The Avengers.
Watch a trailer for The Avengers below: