The 36-year-old actress will star in and executive produce the flick, which is based on Charlotte McConaghy's book, while the 'Sherlock' actor is producing the project with his partners through his SunnyMarch stable.
The story centres on Franny Stone, whose dark past of love, loss, crime and motherhood unfolds on an odyssey through stormy seas with a team of misfit fishermen.
'Migrations' was highly sought-after by production companies and streamers as it features a complex female lead in a unique setting - but Benedict's company has won the rights, according to The Hollywood Reporter.
Adam Ackland and Leah Clarke are producing alongside Benedict, 44, for SunnyMarch.
Claire and Benedict have also worked alongside each other on the upcoming period drama 'Louis Wain', which is slated for release next year. During the project, the pair decided to find material that they could work together on once again.
Claire said: "Charlotte has created an utterly unique and beautiful story with a compelling and fascinating woman at its heart. I couldn't be more honoured or excited to help bring this truly remarkable novel to the screen."
Leah added: "We have been looking for an opportunity to collaborate again with Claire on something special that explores big themes and offers Claire an opportunity to portray a character the likes of which we have not seen before.
"We are delighted to have found it in Charlotte's undeniably cinematic 'Migrations' and the character of Franny Stone. Together we all hope to bring you something very special."
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