"Iron Man" writing duo Art Marcum and Matt Holloway have penned the screenplay for the untitled project, said The Hollywood Reporter.
Neal H Moritz and Ori Marmur will produce under their Original Film banne.
Details related to the plot of the project are kept under wraps.
Peyton, 37, seems to have become a favourite for big action-adventure films after the success of "San Andreas".
He recently signed on to direct and produce a live-action adaptation of popular '80s video game "Rampage", with Dwayne Johnson playing the lead.