The actor will star in and produce a film based on Ridley Pearson's thriller novel, reports Deadline.
The book, which was published last month, centres around an incident in which a Chinese national working for an American company is snatched from the streets of Shanghai in broad daylight, vanishing along with his security detail.
Defying the law against private eyes in China, hostage extraction company Rutherford Risk is hired and sends the uneasy team of forensic accountant Grace Chu and culturally trained tactical specialist John Knox to find the missing employees.
Michael Lerner has been hired to work on the Risk Agent screenplay by Vaughn's Wild West Picture Show Productions.
Vaughn also recently acquired the rights to Randall Wallace's Gunslingers.
He is currently shooting The Internship and will next be seen in The Watch.
See a teaser trailer for The Watch (formerly Neighbourhood Watch) below: