The War Horse actor will appear opposite the Godfather veteran in the road movie from Emilio Agron, reports Variety.
The project is written by The Perfect Storm's Bill Wittliff, and will start filming on Tuesday in Texas.
A Night in Old Mexico is centred around the relationship between a man (Duvall) and his grandson (Irvine), with themes of action, tragedy and romance.
Spanish director Agron made his directorial debut with 2009's award-winning Paper Birds.
War Horse director Steven Spielberg said back in January that Irvine could be the next Christian Bale.