Mikael Salomon is directing the film from a script by Tom Doganoglu and Shane Weisfeld.
Salomon previously collaborated with McDermott on the TV miniseries "The Grid."
Lee Nelson and David Buelow are producing the movie for Envision Media.
McDermott will play Robert, an everyday guy, who finds himself "tested beyond human endurance when he awakens to find himself locked in an industrial freezer by Russian thugs," a synopsis said.
"They insist he return the $8 million he stole from them. The only problem is, Robert has no idea what they are talking about. As he fights for his life before freezing to death, the truth slowly reveals itself."
"We are excited that Dylan McDermott and Mikael Salomon have come together on this project," producer Lee Nelson said in a statement. "Their collaboration will combine Dylan's intensity as an actor with Salomon's powerful direction to capture an edge of your seat fight for life."
McDermott is best known for his work in the TV shows "The Practice" and "American Horror Story." His film credits include "Steel Magnolias," "The Campaign" and "The Perks of Being a Wallflower."
Salomon helmed "Hard Rain" and "A Far Off Place." He also worked as the cinematographer on "The Abyss," "Always," "Arachnophobia," "Backdraft" and "Far and Away."