Variety said Evans dropped out of director Antoine Fuqua's action thriller due to scheduling conflicts.
The Hollywood Reporter noted Wahlberg has a long history with Paramount, having starred in the studio's Transformers and Daddy's Home franchises, as well as Instant Family.
Infinite is scheduled to start filming in September. The project was announced in February.
Evans is best known for his portrayal of Captain America in the Avengers series of blockbusters.