Samantha Morton is also on board to co-star in the big screen adaptation of the 19th Century battle-of-the-sexes play, according to Variety.
Zero Dark Thirty actress Jessica will play Miss Julie, while Colin is tipped to take on the role of a servant who she is drawn to.
Liv Ullmann, who directed Cate Blanchett on stage in a production of A Streetcar Named Desire, is directing the film.
The Help actress Jessica, who has been Oscar-nominated for her role in Zero Dark Thirty, has been starring in Broadway play The Heiress.
Colin is currently filming fantasy story Winter's Tale, with Russell Crowe and Will Smith.