Edgerton has written and will also star in and produce the film, which is about a policeman whose life spirals out of control after running a young biker off the road while drink driving.
According to The Hollywood Reporter, Wilkinson will play the lead police investigator in relation to the crime.
Edgerton, who recently starred in The Odd Life of Timothy Green, makes his feature screenwriting debut with this movie. He has directed and penned five short films in the past.
Felony begins filming in late October, with Noise director Matthew Saville set to direct.
It is expected for release in 2013.
Watch a trailer for The Odd Life of Timothy Green below: