Craig abruptly dropped out of the project in April just days before production was slated to start in Boston, leaving the cast and crew stranded with nothing to do but go home.
The producers have spent the last two months rallying to resuscitate the Nicholas Kazan-scripted project, which is now shifting its setting from Boston to New Orleans.
Renee Zellweger remains attached to co-star alongside "Belle" beauty Gugu Mbatha-Raw and "Super 8" star Gabriel Basso, who will play defense attorney Reeves' client -- a teen accused of murdering his wealthy father.
TheWrap has also learned that Kenneth Choi ("The Wolf of Wall Street") will play a key supporting role as the state prosecutor.
"The Whole Truth" will serve as Hunt's follow-up to her critically acclaimed drama "Frozen River," which received a pair of Oscar nominations for Hunt's original screenplay and Melissa Leo's lead performance.
There has also been a shakeup amongst the producing team of "The Whole Truth," with original producers Richard Suckle and Charles Roven shifting to executive producer roles. The film will now be produced by Anthony Bregman of Likely Story and Kevin Frakes of PalmStar Entertainment, which is financing the project. Production will start in July.
Bregman and Frakes recently worked together on the Jesse Eisenberg-Kristen Stewart movie "American Ultra," and they each have a relationship with Reeves, having respectively worked with the actor on "Thumbsucker" and "John Wick."
Reeves is represented by 3 Arts Entertainment and CAA, which is handling the domestic sale.
Choi, who plays Henry Lim on FX's hit series "Sons of Anarchy," is repped by Talentworks, Mosaic and attorney Derek Kroeger.
Reeves' casting was first reported by Deadline.