Although no details on the script, which is reportedly being penned by Jolie, are available, the film would mark the first time the duo has appeared together on-screen since 2005's Mr. and Mrs. Smith. The action blockbuster grossed more than $478 million worldwide.
Jolie can next be seen on the big screen as the "Mistress of All Evil" in Disney's Maleficent, out May 30. Pitt recently won a Best Picture Oscar for producing 12 Years a Slave.
Watch Mr. and Mrs. Smith here.