Blanchett, who was recently seen in the Oscar-nominated "The Curious Case of Benjamin Button" and who earned an Academy Award for her work in "The Aviator," is taking over the role of Marian in director Ridley Scott's version of the Robin Hood tale after Sienna Miller reportedly dropped out of the project late last year as the film was delayed.
Crowe and Scott previously collaborated on "Gladiator," "A Good Year," "American Gangster" and "Body of Lies."
Their next film, which is getting a name change, is slated to start shooting in April, Variety.com said.
"They are both highly accomplished dramatic actors who are taken seriously playing rich characters in period pieces, but each has the ability to show you fun," producer Brian Grazer told the entertainment industry trade newspaper.
2014: The Year in Music [PHOTOS]