It's the first project since Bullock's brilliant Academy Award win for "The Blind Side" and subsequent tabloid descent in the wake of her husband Jesse James' infidelity scandal.
And it looks to be a stunner after Bullock and Reynolds showed winning chemistry and box office magic with "The Proposal," which racked up $317 million worldwide.
The Wrap.com reports the movie, in the vein of "Midnight Run," will feature Bullock as a criminal suspect who is forced to go on the run with her FBI agent (Reynolds) escort when the duo are ambushed on their way to the courthouse. Robert De Niro mercifully never kissed Charles Grodin in "Midnight Run," but that will most certainly happen in this caper.
The film is based on a pitch from another "Proposal" alum, Pete Chiarelli, and Anne Fletcher is reported to be in negotiations to direct.
Bullock made a very public return this weekend at multiple events, including the MTV Movie Awards on Sunday. She brought back a little of her award show magic when she stepped away from the podium to snog Reynolds' wife Scarlett Johansson -- a welcome return to a hilarious onstage tradition for Bullock.
And a sure sign that Sandra Bullock is back to the business of making us all laugh.