The 37-year-old actor will direct and star with the 34-year-old actress in the supernatural thriller, according to Variety.
Krasinski will also rewrite the script from writer and director duo Scott Beck and Bryan Woods.
Krasinski, Beck and Woods will executive produce with Allyson Seeger, with Michael Bay, Andrew Form and Brad Fuller of Platinum Dunes as producers.
Krasinski had expressed interest in doing a film in the vein of "The Purge" and "Ouija" while working with Platinum Dunes on the new Amazon series "Jack Ryan."
"A Quiet Place" will be "a semi-contained thriller set on a farm where a family is being terrorized by evil," according to The Hollywood Reporter. Production is expected to begin in the fall.
Sources told Variety Krasinski and Blunt prefer to keep their home and work lives separate, but the Hollywood couple jumped at the project after reading the script.
The couple married in 2010 and share two daughters, 3-year-old Hazel and 9-month-old Violet.
"All the cliches of parenting are true and you feel all sorts of new things," the actor told "Entertainment Tonight" in August. "It was really this new existential magnet that you feel draw to your family."
"[Hazel's] amazing," he added. "She really loves the baby and I think there is this idea of 'Oh my God, she is adorable.' I mean, when a two-and-a-half year old hugs a newborn baby, it's one of the cutest things you will ever see."
Krasinski is known for playing Jim Halpert on "The Office," and previously directed "Brief Interviews with Hideous Men" and "The Hollars."
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