The movie is set 1,000 years in the future and features Jaden on an earth that has been abandoned after he and his estranged father crash their ship on the planet.
"The chance to make a scary, science-fiction film starring Jaden and Will is my dream project,” Shyamalan told EW in a statement.
Will Smith's Overbrook Entertainment will executive produce the movie, along with Jada Pinkett Smith, James Lassiter and Ken Stovitz.
The movie will reunite the proven, successful chemistry between Will and Jaden, who co-starred in 2006's hit movie The Pursuit of Happyness.
Will With also produced the 2010 remake of The Karate Kid, which has raked in over $350 million dollars across the world.
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