According to Deadline, the two stars are close to finalizing deals to appear in the film which pre-production set to take place soon.
Described as a heist film, the project centers around a group of robbers as they pull off a large heist during a NASCAR event in North Carolina.
Deadline notes that NASCAR has gotten behind Logan Lucky and plans on supporting it with advertisements and giving production access to their events.
The film is the latest acting gig Craig has signed up for after starring as iconic spy James Bond in last fall's Spectre.
Starring in Logan Lucky and an upcoming limited television series entitled Purity has raised more questions as to Craig's future as agent 007 despite the actor previously stating that he would rather "slash his wrists" then make another Bond film.
While Craig may still consider returning as Bond, if he chooses to relinquish the role, other stars including Jamie Bell, Idris Elba, Tom Hiddleston and Damian Lewis have been rumored to replace him. Bell has made the most headway reportedly entering into discussions about the part with Bond production firm Eon.