© WENN / Patrick Hoffmann
The Cruel Intentions actor will write and star in the indie thriller, reports Variety.
The film will centre around Phillippe as a has-been actor who is kidnapped from the set of a low-budget movie filming in the titular Louisiana city.
He is held and tortured, but little else is currently known about the movie.
Joe Gossett served as co-writer on Shreveport.
Phillippe will been seen in the final season of Damages, which debuts on DirecTV's Audience Network on July 11 at 9/8c.
He appeared last year in The Lincoln Lawyer alongside Matthew McConaughey.
