Pearce and Stormare's agents have confirmed their involvement to TheWrap.
The film takes place in a prison that is orbiting 50 miles above Earth and houses 500 of the world's most dangerous prisoners who are kept asleep by sophisticated methods until they suddenly awaken, causing all hell to break loose.
Stephen St. Leger and James Mather will direct from a script they co-wrote with Luc Besson, who will produce with EuropaCorp founder Pierre-Ange Le Pogam.
The budget is expected to be in the $30 million range, and production is scheduled to begin at the end of next month in Belgrade.
Pearce is coming off brief but key roles in two acclaimed dramas — "The Hurt Locker" and "The Road." He next stars in the awesome-looking Aussie crime drama "Animal Kingdom," as well as The Weinstein Company's Oscar hopeful "The King's Speech" and Miramax's creature feature "Don't Be Afraid of the Dark." Pearce recently wrapped Roger Donaldson's thriller "The Hungry Rabbit Jumps," as well as Bruce Beresford's period romantic comedy "Get It at Goode's."
Grace recently appeared in 20th Century Fox's "Knight and Day," as well as EuropaCorp's surprise hit "Taken." She'll next be seen opposite Dwayne Johnson in CBS Films' action movie "Faster," and will follow that with Derek Magyar's dramedy "Flying Lessons." Grace also co-stars in an English-language remake of "The Experiment" that will be going straight-to-DVD on Sept. 21 despite boasting Oscar winners Forest Whitaker and Adrien Brody.
Stormare, the gifted character actor who once helped save the world from certain annihilation in "Armageddon" and is best known for stuffing Steve Buscemi into a woodchipper in "Fargo," recently wrapped the Abigail Breslin-Elisabeth Shue drama "Janie Jones."
Hollander, who is best known for playing Lord Cutler Beckett in the two "Pirates of the Caribbean" sequels, recently starred in the hilarious political satire "In the Loop."
Pearce is represented by CAA and Stormare is represented by ICM, while UTA represents Hollander and Grace, who is managed by Global Creative.