All You Need Is Kill features Cruise in the Doug Liman-directed time-loop drama from Warner Bros.
The film centres on a soldier fighting aliens in a future war, only to relive his last day over and over before he dies, in a Groundhog Day-style time-loop. With each day the man manages to become a better soldier.
Blunt will play another soldier who fights the war alongside Cruise in what will be the female lead, reports Variety.
Erwin Stoff, Tom Lassally and Jason Hoffs will produce the film, with Dante Harper and Joby Harold writing the script.
Emily Blunt will soon star in Looper, another time-travel sci-fi project starring Bruce Willis and Joseph Gordon-Levitt, which is released on September 28.
The British actress will next be seen in romantic comedy Salmon Fishing in the Yemen opposite Ewan McGregor, which is released on March 9 in the US and April 20 in the UK.
> Emily Blunt on career: 'I'm quietly ambitious'
Watch Emily Blunt in the trailer for Looper below: