The film will take place 1,000-years in the future and follow a young boy (Jaden) as he searches the abandoned planet Earth, looking for his estranged father (Will) after their ship crashes.
Shyamalan wrote the script with Gary Whitta ("Book of Eli") which was previously announced as being named "One Thousand A.E.," though details on the project have been kept tight.
"The chance to make a scary, science-fiction film starring Jaden and Will is my dream project," Shyamalan said in a statement.
Shymalan and Will Smith will also produce the film with James Lassiter, Jada Pinkett Smith and Ken Stovitz, who are Smith's partners at Overbrook Entertainment. Doug Belgrad, president of Columbia Pictures voiced his enthusiasm for the project in a press release sent out by the studio.
"Night is an outstanding filmmaker who has a tremendous vision for this science-fiction adventure story and we couldn't be more excited to be working again with Jaden after our experiences on 'The Pursuit of Happyness' and 'The Karate Kid,'" wrote Belgrad. "We're thrilled to have the two of them together on this project."
Jaden, 12, made his screen debut with his father Will Smith in 2006's "The Pursuit of Happyness." He has since starred in the blockbuster remake of "The Karate Kid," which took in over $350 million worldwide. Jaden also starred opposite Keanu Reeves and Jennifer Connelly in "The Day the Earth Stood Still."
Shyamalan has directed nine feature films, including "The Sixth Sense," "Unbreakable," "The Village" and "Lady in the Water." He received critical reviews for his most recent film, "The Last Airbender," which won three Razzie Awards, including Worst Picture, Worst Screenplay, Worst Supporting Actor and Worst Director. Despite these dubious honors, the film earned over $319 million globally.
Will Smith currently has four films in production, including "Men in Black III." He also has 38 projects in development that he is producing and/or starring in, including sequels to "Independence Day," "Hancock," "I, Robot" and "Bad Boys," and a prequel to his 2007 film, "I Am Legend."