Ashton Kutcher is also aboard as a rebellious Coast Guard student and his legendary mentor played by Costner, The Hollywood Reporter said Tuesday.
The film by Touchstone Pictures, Beacon Pictures and A School Productions reteams Ward with "The Fugitive" director Andy Davis.
Shooting of "The Guardian" is scheduled to begin next month in Shreveport, La.
Ward is currently starring in Fox TV's medical drama, "House."
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