Variety reports that the actor, who won an Emmy award two weekends ago for his role in History miniseries Hatfields & McCoys, will lead the untitled action thriller.
Costner will play a dying Secret Service agent, who is asked to come back in for one last assignment in exchange for an experimental drug that could save his life.
Taken co-writer Luc Besson and Adi Hasak co-wrote the script, which was previously titled Three Days to Kill.
Costner is currently filming a major role in Kenneth Branagh's thriller Jack Ryan opposite Chris Pine and Keira Knightley.
He will also appear in Zack Snyder's upcoming Superman reboot Man of Steel, a film which was at one stage to be helmed by McG and would have starred Robert Downey Jr.
Watch McG discussing his disappointment at not having made Superman with Digital Spy below: