The project, most recently drafted by Hillary Seitz, will be directed by DJ Caruso ("Disturbia") and produced by "Transformers" vets Alex Kurtzman and Roberto Orci.
The film's plot revolves around a single mom (Monaghan) and a young man (LaBeouf) who are framed as terrorists and become part of a cell planning to carry out a high profile assassination. The trade papers are reporting the Dawson will play the government agent trying to stop them.
Production on "Eagle Eye" should be ready to begin this fall, after LaBeouf finishes his work on the new Indiana Jones film.
Dawson's latest film, "Descent," was produced through her Trybe Films shingle and is still awaiting release. She was most recently seen in Quentin Tarantino's "Death Proof." Her upcoming projects include the long-completed "Killshot" and Kevin Smith's "Zack and Miri Make a Porno."