Media 8 Entertainment is producing and financing the film, which was written by "Book of Eli" scribe Gary Whitta.
The announcement was made Wednesday by Media 8 Entertainment President Stewart Hall.
"We needed the right actor to bring this material to the screen, and Kurt Russell is perfect for this role," Hall said in a statement. "Kurt is one of Hollywood's most iconic leading men -- from his work starring in legendary films like 'Escape From New York,' 'Stargate,' and 'Big Trouble in Little China,' he is truly one of the few actors who audiences continually embrace as a real hero."
"Undying" is described as "the story of Virgil Lone, a private investigator who finds himself recruited by the darkly beautiful and mysterious Delia. As he begins to work for Delia, Virgil finds himself suddenly immersed in a surreal underworld, one where the boundaries of life and death -- as well as right and wrong -- are completely blurred."
Production is set to begin on the film in the fall, Media 8 said.