Matt Damon y Ben Affleck have boarded the cast of the picture that is being written and directed by Joe Carnahan with Damon and Affleck's company Artists Equity producing.
Plot details are yet to be revealed but the project is being described as a crime thriller and is expected to shoot later this year.
'RIP' has come together rapidly in recent weeks as Matt and Ben were searching for a new film for Artists Equity after releasing the movie 'Air' in 2023.
Carnahan has previous in the crime thriller genre with movies such as 'Narc' and 'Smokin' Aces' (which Affleck featured in).
Matt and Ben have been close friends since childhood and founded Artists Equity in 2022 with a promise to focus on smaller dramas rather than the "assembly line process" of filmmaking that is used by corporations such as Netflix.
Speaking at the New York Times' Dealbook Summit, Affleck said: "If you ask (Netflix co-CEO and chairman) Reed Hastings... he'd say, 'Hey, we went for quantity to establish a footprint.'
"I'm sure there's wisdom in that and I'm sure they had a great strategy, but I would have said, 'How are we going to make 50 great movies? How is that possible?' There's no committee big enough. There aren't enough - you just can't do it."
The 'Deep Water' star continued: "It's a thing that requires attention and dedication and work and resists the assembly line process.
"(Netflix's head of original films) Scott Stuber is a really talented, smart guy who I really like... but it's an impossible job."