Production is scheduled to begin this autumn in Vancouver on the story of a former Soviet hitman whose past catches up with him as he lives with his family in the US.
Raul Inglis wrote the screenplay. Insight film Studios president Kirk Shaw will produce and CineTel Films president and CEO Paul Hertzberg and CineTel president Lisa Hansen will serve as executive producers.
Lundgren previously directed Missionary Man, which screened at the AFI Dallas Film Festival, and he is currently in production on Command Performance.
'The strong sales response Icarus received at Cannes this year reflects the film's potential to be a hit among audiences around the world,' CineTel Films president and CEO Paul Hertzberg said.
'I'm looking forward to the opportunity to act in and direct Icarus, where great action is paired with character-based psychological drama,' Lundgren said.
'I hope to continue the tradition of great films such as Luc Besson's The Professional and David Cronenberg's A History Of Violence, which use this combination to really engage the audience.'