The actor, who divides time between raising his six children with Angelina Jolie and acting, will also produce the movie with his Plan B and Chockstone Pictures.
The comedy will be directed by Andrew Dominick, the Hollywood Reporter said.
The film will see Pitt reunite with Dominick, who wrote and directed 2007`s `The Assassination of Jesse James by the Coward Robert Ford`.
The story centers on the man behind the hit man - a professional enforcer who investigates a heist that takes place during a poker game under protection of the mob.
Producers include Pitt and Dede Gardner from Plan B and Steve Schwartz and Paula Mae Schwartz from Chockstone. Inferno`s Bill Johnson and Jim Seibel will exec produce along with Marc Butan. Chockstone`s Roger Schwartz will serve as co-producer.
The film will reportedly be shot in Louisiana with shooting expected to begin in March.
Pitt`s last theatrical outing was Quentin Tarantino`s `Inglourious Basterds`. His next movies are `Tree of Life` and `Moneyball`.
The actor had taken a break from acting while Jolie was busy shooting `The Tourist` and working on her directorial debut with a Bosnian love story.