The film, dubbed a "techno thriller", will feature LaBeouf as a young man who finds a pill that boosts his intelligence.
The Illusionist's Neil Burger will direct from Leslie Dixon's script. The story originated as a novel by Alan Glynn in 2002.
LaBeouf recently signed up for New York, I Love You, an anthology film comprising 12 different New York love stories.
The 21-year-old will also appear in this summer's Indiana Jones and the Kingdom of the Crystal Skull and Eagle Eye.