Variety.com said the 19th century America-set movie was written and will be directed by actress Madeleine Stowe.
Stowe's directorial debut will also feature Robert Pattinson as a cast member, the entertainment industry trade newspaper said.
The story is about a woman, to be played by Weisz, whose husband is slain and two children kidnapped by a Comanche war party. Jackman is to play a frontiersman who helps her try to get them back. The movie is slated to begin shooting late this year, Variety.com said.
Stowe is best known for her work in "The Last of the Mohicans," Jackman headlines the current blockbuster "X-Men Origins: Wolverine," Weisz won an Oscar for her performance in "The Constant Gardener" and Pattinson is one of the stars of the "Twilight" film franchise.
"I saw three actresses, and knew after meeting with Rachel that she was the person I wanted to hand this role to," Stowe told Variety.com. "Robert said yes last fall, before everything broke with 'Twilight.' Hugh said yes a couple of weeks ago."