Based on an original screenplay by Jolie, the ambitious story follows a Serbian man and a Bosnian woman who meet on the eve of the war, and the effect that the war has on their relationship.
Earlier reports this week had Jolie starring in the project, however, the actors will be solely comprised of various ethnicities from the region of the former Yugoslavia.
While there's no word on when production will begin, Jolie will also produce the $15 million movie with King and his business partner Tim Headington.
The latter duo recently produced Florian Henckel von Donnersmarck's thriller "The Tourist," which stars Jolie and Johnny Depp and will be released by Columbia on Dec. 10.
Warner Bros. will release GK Films' "The Town" on Sept. 17, and the company is currently in production on Martin Scorsese's 3D children's film "Hugo Cabret."