The two last starred together in the 2006 drama "The Pursuit of Happyness."
They will work together in an as-yet-untitled science-fiction adventure for Columbia Pictures, a unit of Sony Corp.
M. Night Shyamalan is directing and co-writing the movie starring the 42-year-old father and his 12-year-old son.
Shyamalan also directed "The Sixth Sense" and "The Last Airbender."
Sony said Monday that the movie centers on a boy struggling to save himself and his estranged father after their ship crashes on an abandoned Earth a thousand years in the future.
As they did on their son's 2010 hit, "The Karate Kid," Will and Jada Pinkett Smith will be producers on the new movie.
