The Safe House actor will play a dad whose daughter is abducted, reports Deadline.
Reynolds's character discovers a series of clues years later that leads him to believe the girl is still alive.
Queen of the Night will be directed by Atom Egoyan, who wrote the story and scripted the movie with David Fraser.
Reynolds and Egoyan have expressed their excitement to be working with each other in the upcoming thriller, with the actor calling Egoyan "a provocative filmmaker".
Back in June, Reynolds was cast in the lead role of Connor MacLeod in the Highlander reboot.
Reynolds's two comedy pilots were recently picked up by Fox.
Watch the trailer for Safe House below: