Principal photography is scheduled to begin March 14. The Hollywood studio did not say where the movie will be filmed.
Reeves will play Kai, an outcast who joins Oishi, played by Hiroyuki Sanada, the leader of the warrior group 47 Ronin.
"Together they seek vengeance upon the treacherous overlord who killed their master and banished their kind. To restore honor to their homeland, the warriors embark upon a quest that challenges them with a series of trials that would destroy ordinary warriors," Universal said in a synopsis Tuesday.
"The Gift" director Carl Erik Rinsch is helming the picture, which will co-star Kou Shibasaki, Tadanobu Asano and Rinko Kikuchi.
"47 Ronin" marks Reeves's first starring role on the big-screen since 2008's "The Day the Earth Stood Still."