The Silver Linings Playbook trio's forthcoming movie was previously named American Bulls**t, but is currently untitled.
Deadline reports that Lawrence will play the wife of co-star Christian Bale's character.
The movie, written by Eric Warren Singer (The International) and O Russell, centres on 1970s FBI sting operation Abscam. The operation, set up by a con artist, ultimately led to the conviction of several elected officials including a US senator and five members of the House of Representatives.
Jeremy Renner, Amy Adams and Louis CK also have parts in the movie.
Lawrence, Cooper and O Russell have all received Oscar nominations for Silver Linings Playbook. The writer/director visibly expressed shock at Lawrence losing out in the 'Best Actress' category at the BAFTAs recently.
The new film also reunites O Russell and Bale, the pair having worked together previously for The Fighter.