The film is Pfister's directorial debut. He is best known for his work as Christopher Nolan's favorite cinematographer on films like "The Dark Knight Rises" and "Inception."
"I'm thrilled and feel very fortunate to have the opportunity to work with Johnny," Pfister said in a statement. "He is a creative and intelligent artist whom I feel will bring great depth to the character and the overall narrative."
Principal photography is set to begin early next year, but the film's secrets are being tightly guarded. Alcon will not say who Depp will play in the picture or what the movie is even about.
Knowing Depp though, an outlandish accent and possibly bizarre hairdo may be part of the package. Depp, whose last film "Dark Shadows" grossed an underwhelming $79.7 million domestically, will be seen next summer in Disney's big budget update of "The Lone Ranger."
Alcon will release "Transcendence" through its output deal with Warner Bros.
Depp is represented by UTA.