Cal it Mr. and Mr. Smith.
Set 1,000 years in the future, the film centers on a young boy who navigates an abandoned Earth to save himself and his estranged father after their ship crashes.
"The chance to make a scary, science-fiction film starring Jaden and Will is my dream project," Shyamalan said in a statement.
The two Smiths previously collaborated on two high-grossing Sony films — co-starring in 2006's "The Pursuit of Happyness" and last summer's "The Karate Kid," which Jaden starred in and Will produced.
Everything Will Smith and his brood touches lately turns to gold, with Jaden's "Karate Kid" grossing $359 million worldwide and daughter Willow also launching a successful singing career.
However, Shyamalan has hit a rough patch recently, with the critically derided "The Happening" and "The Lady in the Water" marring some of the artistic promise of "The Sixth Sense." His most recent film, "The Last Airbender," still managed to gross $320 million worldwide, despite a critical drubbing.