Weisz would portray Emma, who is having an affair with her husband's best friend. Craig would portray Robert, her husband. Potential casting for the role of the friend, Jerry, was not reported.
The Daily Mail also reports that Weisz has been considering a revival of David Hare's Plenty for next season Off-Broadway at The Public Theater.
Nichols recently staged the celebrated Broadway revival of Death of a Salesman.
Craig ("Skyfall," "GoldenEye," "Casino Royale," "The Girl with the Dragon Tattoo") last appeared on Broadway in A Steady Rain. Betrayal would mark Weisz's Broadway debut. Her films include "Oz the Great and Powerful," "The Bourne Legacy," "The Constant Gardener" and "The Shape of Things."