It is unclear when filming will begin but Eastwood has already started scouting shooting locations, entertainment news site Deadline reported.
The screenplay for "Cry Macho" -- which has not been officially given the go-ahead by Warner Bros -- was written by N. Richard Nash, author of the 1970 novel of the same name.
Scriptwriter Nick Schenk, who worked with Eastwood on "Gran Torino" (2008) and "The Mule" (2018), is also reported to be involved.
The story is about a one-time rodeo star turned horse breeder who accepts a mission from a former boss to cross the US-Mexico border to snatch his son from an alcoholic mother and return the child to his father in Texas.
Arnold Schwarzenegger had been touted to play the lead role in 2011 but the project was canceled, US media reported.