Jason Blum is producing the movie, which stars Mark Duplass and Olivia Wilde
"Reawakening" follows a team of research students who discover the secret to bringing subjects back from the dead. However, their actions result in a series of sinister consequences.
Glover and Peters will play members of the team along with Duplass and Wilde.
Lionsgate execs Erik Feig and John Sacchi will oversee the project for the studio.
Blumhouse, which recently saw its low-budget home invasion thriller "The Purge" debut to $36 million, has "Insidious Chapter 2," "Paranormal Activity 5" and "Jessabelle" opening within the next seven months.
Glover, who stars on NBC's "Community" and recently appeared on HBO's "Girls," will soon be seen alongside fellow NYU graduate Aubrey Plaza in "The To Do List," which CBS Films will release July 26. He previously co-wrote, executive produced and starred in the cult comedy "Mystery Team." He's repped by CAA, the Schiff Co. and attorney Lev Ginsburg.
Peters, who stars on FX's "American Horror Story," was recently cast as Magneto's mutant son Quicksilver in Bryan Singer's "X-Men: Days of Future Past." He previously co-starred in "Kick-Ass" and will soon be seen alongside girlfriend Emma Roberts and John Cusack in "Adult World." He's repped by CAA and attorney P.J. Shapiro.