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Schwarzenegger will play Church, a prison inmate who fights to keep other prisoners from losing their humanity. Stallone plays Ray Breslin, the world's foremost expert on security — who, framed for a murder he didn't commit — has to escape from a prison he designed.
Swedish filmmaker Mikael Hafstrom, who directed New Line's 2011 "The Rite" and The Weinstein Company's 2010 "Shanghai," is directing.
Miles Chapman wrote the script, which was rewritten by Jason Keller. Brenner originally set up "The Tomb" as a spec script at Summit. The movie is scheduled to begin filming in Louisiana this spring.
Summit has worldwide distribution rights.
Schwarzenegger and Stallone's next movie, "The Expendables 2," is now in post-production and will be released this summer by Lionsgate.
Schwarzenegger, the movie star-turned California governor-turned movie actor, just wrapped "The Last Stand," produced by Lorenzo di Bonaventura.