Plot details of the movie have not been revealed yet but it is expected to follow the unlikely partnership between a doctor and lawyer, according to The Hollywood Reporter.
Matthew Budman, executive producer of Russell's Joy and American Hustle, is producing the project. New Regency will produce and distribute the film through their deal with 20th Century Studios.
Bale, 46, previously collaborated with Russell in 2010's "The Fighter", which earned the actor his maiden Oscar for the best-supporting actor.
Russell, who has been nominated for five Academy Awards, is returning to the big screen for the first time since 2015's Joy, which starred Jennifer Lawrence.
Robbie, meanwhile, has been busy with Quentin Tarantino's Once Upon a Time in Hollywood, Jay Roach's Bombshell and Cathy Yan's Birds of Prey. She'll next reprise the Harley Quinn role in James Gunn's The Suicide Squad.
Bale most recently appeared in James Mangold's Oscar-nominated film Ford v Ferrari.
Margot Robbie's professional graph
Robbie rose to fame co-starring alongside Leonardo DiCaprio portraying the role of Naomi Lapaglia in Martin Scorsese's Oscar-nominated film, The Wolf of Wall Street (2013). She was nominated for a Breakthrough Performance MTV Movie Award and numerous other accolades.
In 2014, Robbie founded her own production company - LuckyChap Entertainment. She also appeared in the World War II romantic-drama film - Suite Française (2014). She starred in Focus (2015) and Z for Zachariah(2015) and made a cameo in The Big Short (2015).
In 2016, she married Tom Ackerley in Byron Bay, New South Wales, Australia.
Robbie is represented by Management 360, CAA, Aran Michael Management and attorney Jeff Bernstein.