Relativity Media, responsible for such films as "Machine Gun Preacher" and "Immortals", was working in tandem with Temple Hill Entertainment on "Goliath".
Johnson and Lautner have been offered the roles of giant and shepherd boy, however it has not been confirmed whether the actors have accepted the roles.
"Goliath", said to resemble the Greek epic "300", has been described as a period action movie based on the biblical tale, according to TwitchFilm.com.
Scott Derrickson will reportedly direct "Goliath" and Ryan Kavanaugh, Wyck Godfrey, and Marty Bowen are said to be the producers.
Godfrey and Bowen also worked as producers for "The Nativity Story" and the "Twilight" films.
Derrickson also directed "The Day the Earth Stood Still" and "The Exorcism of Emily Rose".
According to Hollywood Reporter, the film will depict the fierce warrior Goliath being sent to track down a foretold king of the Israelites. The young shepherd boy David is thrust into the chase and finds himself fighting for his life and his people before the two come face to face in battle.
Johnson, who has starred in such films as "Fast Five" and "Tooth Fairy," is currently filming a "G.I. Joe" sequel.
Lautner is best known for his role as shapeshifting Jacob in the popular "Twilight" film series.