Indian Paintbrush will co-finance the project, with the company's Steven Rales and Mark Roybal executive-producing.
The movie will be produced by Lianne Halfon and Russell Smith of Mr. Mudd Productions, along with Reitman and Helen Estabrook of Right of Way Films.
The movie is about an escaped convict who seeks shelter with a single mom and her young son during a long Labor Day weekend.
The film marks the fourth collaboration for Jason Reitman and Paramount.
His latest film "Young Adult," starring Charlize Theron, will hit theaters in December. The studio previously released "Up in the Air" in 2010.
Indian Paintbrush, Mr. Mudd and Right of Way Films also collaborated on the upcoming Paramount Vantage film "Jeff, Who Lives At Home," starring Jason Segel and Ed Helms.