The actor will take the lead role in Gillian Greene-Raimi's black comedy, reports ComingSoon.
The Black List screenplay centres around a man's mission to discover the murderer of his pet cat.
Kranz will replace Knocked Up star Jay Baruchel, who was formerly attached to the project.
The directorial debut of Sam Raimi's wife will also feature Dianne Wiest and JK Simmons.
Kranz will next appear in Joss Whedon's adaptation of Much Ado About Nothing, which will premiere at the Toronto Film Festival in September.
He also starred in Whedon's television show Dollhouse.