Pic also stars Rebel Wilson and Mark Strong.
The film is directed by Louis Leterrier with a story by Baron Cohen and Phil Johnston and a screenplay by Baron Cohen, Johnston and Peter Baynham.
Story follows a British black ops spy, played by Strong, who's forced to team up with his idiotic English football hooligan brother, played by Baron Cohen.
Baron Cohen and Nira Park will produce with Johnston, Baynham, Louise Rosner, Todd Schulman, James Biddle, Eric Fellner, Tim Bevan, Ant Hines and Adam McKay exec producing.
Production is set to start sometime this summer.
Cruz was most recently seen in Fox's "The Counselor." She is repped by CAA, Untitled Entertainment and Kuranda Management.
News was first reported by the Hollywood Reporter.
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