The 42-year-old actor and the 46-year-old rapper will join forces with Jessica Chastain in the drama movie, which will be directed by Tate Taylor.
According to Deadline, Jonathan Decker and John Norris will executive produce the motion picture, which will be produced by Chastain and Kelly Carmichael for Freckle Films.
Nicolas Chartier and Dominic Rustam will produce the film for Voltage Pictures, who will handle the sales at the Toronto Film Festival, which started on Thursday (06.09.18).
Chastain will play the titular character who works for a black ops group headed by Farrell's alter-ego Simon, while Common will star as Eve's former fiance Michael.
Taylor replaced Matthew Newton as the movie's director last month following an online backlash over the exiting filmmaker's history of alleged domestic violence.
Newton said in a statement: ''I notified Jessica Chastain and the other producers on the film Eve that I will be stepping down as director.
''Since the announcement of this film, the responses, which are powerful and important, have not fallen on deaf ears. I am profoundly aware that I have a responsibility to lead where I have failed in the past.
''I can never undo the harm that I've caused the people I've cared about and I carry that shame and responsibility with me every day.
''Over the past eight years, I have been working extensively with healthcare professionals to help me overcome my addiction and mental health illness.
''For the past six years I have lived a quiet and sober life. All I can do now is try to be a living amends and hopefully contribute to the positive change occurring in our industry.''