The announcement was made Wednesday by Amy Baer, president and chief executive officer of CBS Films, the feature film division of CBS Corp.
The action thriller, which is scheduled to start principal photography in mid-January, will be directed by George Tillman, Jr.
Written by Joe and Tony Gayton, the movie is about an ex-con, played by Johnson, who sets out to avenge his brother's murder with a deadly to-do list.
"Trailed by a veteran cop (played by Thornton) and an egocentric hit man, he methodically races against time to bring those responsible to 'justice.' Casting for the hit man is currently underway," CBS Films said in a news release.
The movie is being produced by Castle Rock Entertainment's Martin Shafer and Liz Glotzer, alongside Tony Gayton and Robert Teitel. Joe Gayton will executive produce.
Thornton's film credits include "Sling Blade," "A Simple Plan," "Pushing Tin," "Armageddon," "Monster's Ball," "Bad Santa" and "Eagle Eye."
Notable deaths of 2014 [PHOTOS]