Gordon-Levitt is also writing the screenplay along with "21 Jump Street" writer-creator Michael Bacall, said The Hollywood Reporter.
The yet untitled project is described as an "R-rated musical comedy revolving around two pilots on a misadventure."
Marc Platt will be producing the project.
Gordon-Levitt's company hitRECord Films and Tatum's Free Association will also produce.
This is not the first time the actors are working together. They also co-starred in "Havoc" in 2005 and 2008's "Stop-Loss.