The Bourne Legacy star is in line to replace Christian Bale in the soon-to-be-renamed American Bulls**t project, reports Variety.
Based on a true story, the film will see Renner play zealous FBI agent Jimmy Boyle.
Boyle arrested con man Mel Weinberg, who he then forced to enact a scam that ran through the '70s and '80s and saw several politicians arrested for their involvement in the dodgy dealings.
Bradley Cooper has already signed up to play the part of Weinberg.
Written by Eric Warren Singer, the film is scheduled to begin shooting in February 2013.
Renner was most recently seen in The Avengers. He will next appear in The Bourne Legacy, which arrives in US cinemas on August 10 and in the UK on August 13.
Watch the trailer for the fourth Bourne film below: