The film was written by Eric Singer and focuses on con artist Mel Weinberg in a corruption case that stretched from Atlantic City, N.J., to Washington, The Hollywood Reporter said Friday.
Charles Roven and Richard Suckle, of Atlas Entertainment, will produce along with Annapurna Pictures' Megan Ellison and Ted Schipper.
Jon Gordon, who produced Russell's "Silver Linings Playbook," will executive produce along with Cooper and Singer.
A tentative release date for the film is set for late 2013.
Louis C.K.'s most recent film performance is in Woody Allen's upcoming comedy, "Blue Jasmine."