The Hollywood Reporter said Friday Winterbottom will follow his directorial duties in "A Mighty Heart" with a film adaptation of author Jim Thompson's crime thriller.
Alba will play a prostitute and Affleck will take on the role of a small-town police officer who becomes a cold-blooded killer.
Thompson's novel was previously adapted for the big screen in 1976 with Stacy Keach as its star.
Robert Weinbach of Cyclone Productions will serve as both producer and co-writer on the project, sharing writing duties with John Curran.
The Reporter said the movie, which is expected to begin filming in January, will also be produced by Chris Hanley, Andrew Eaton and Bradford Schlei.