The Lionsgate movie is a remake of the low-budget 1981 slasher film about a murderer who slays people who celebrate Valentine's Day.
According to The Hollywood Reporter, Ackles will play Tom, who becomes a murder suspect when he returns to his Montana hometown ten years after 22 people were killed.
He also finds that he is still smitten with first love Sarah, played by Pearl Harbour star Jaime King.
The film will be helmed by Patrick Lussier from a screenplay by Zane Smith.
Production begins on May 12 for release next January.