The End of Watch star is considering a role alongside Hugh Jackman and Melissa Leo in the Black List thriller, reports Variety.
Written by Aaron Guzikowski (Contraband), the film centres around a small-town carpenter named Keller (Jackman), who takes the law into his own hands to rescue his kidnapped daughter and friend when the police prove incompetent.
In the process, he runs up against hot-shot cop Detective Loki, who has been brought in to solve the case.
Denis Villeneuve will direct the Alcon Entertainment film, which is scheduled to enter production in early 2013.
Gyllenhaal is currently starring in End of Watch. He learned about Prisoners while working with Villeneuve on indie thriller An Enemy.
Watch the trailer for End of Watch below: