The film, which is scheduled to begin production in early 2013, will be directed by Denis Villeneuve from a screenplay by Aaron Guzikowski.
Jackman won the Tony Award in 2004 for his performance in The Boy From Oz and is also the recipient of a 2012 Special Tony Award for his contributions to the Broadway community. His other Broadway credits include A Steady Rain and his solo show Hugh Jackman, Back on Broadway.
Gyllenhaal, who made his U.S. stage debut in Off-Broadway's If There Is I Haven't Found It Yet, is best known as the film actor of "Love and Other Drugs" and "Brokeback Mountain."
"Prisoners" will be produced by Broderick Johnson, Andrew Kosove, Kira Davis and Adam Kolbrenner. The film is scheduled to release in fall 2013.