Craig has played suave secret agent James Bond in "Casino Royale" and "Quantum of Solace," while Jackman has played Wolverine in four "X-Men" movies.
The New York Post said the actors are set to star this fall in "Rain," a stage drama about two Chicago cops whose lifelong friendship is tested when they become embroiled in a domestic dispute in a poor neighborhood.
The play will mark Craig's New York stage debut. Jackman won a Tony Award in 2004 for his portrayal of entertainer Peter Allen in the musical "The Boy From Oz."
"Everybody wanted him to do a musical, but he wanted to do a serious play," a theater source told the Post about Jackman.
"Daniel Craig and Hugh Jackman in police uniforms? All the boys will be there!" predicted another insider.
The play is being produced by Barbara Broccoli, who oversees the James Bond film franchise and previously produced the Broadway musical "Chitty Chitty Bang Bang," the newspaper noted.
Exploding whale video goes viral on Internet
Wisconsin business offering 'therapeutic cuddling' forced to close